VTB denies negotiations on exchanging stake in Fortenova for Yandex shares – Kommersant
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VTB Group, which owns a 7% stake in the Croatian retailer Fortenova Grupa, denies negotiations on exchanging this stake for Yandex shares, the bank’s press service told Kommersant. Earlier today, September 26th, Frank Media with reference to sources wrote that the deal has been discussed for several months.
According to Frank Media, Croatian authorities facilitated obtaining permits for this transaction from the European Commission and the US Treasury Department’s Office of Foreign Assets Control (OFAC). According to the publication’s sources, Fortenova Grupa intended to purchase Yandex shares from Western investors and then exchange them for a stake in the retailer itself.
Sources noted that VTB agreed to complete the transaction at the par value of the former debt. VTB received a 7% stake in Fortenova Grupa to pay off the company’s €350 million debt.
In May, VTB head Andrei Kostin admitted that the bank could become a participant in a consortium of investors to purchase a controlling stake in the company. In June, he said that the bank would not take part in the deal to purchase a stake in Yandex, since its price during the discussions exceeded the bank’s original offer.
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