It seems that the high-profile news was “born” from an informal conversation.
Sberbank’s offer to buy a large stake in Yandex was informal, the Financial Times reported , citing two sources close to the bank.
It was a discussion over a cup of tea. It never reached the stage of formal negotiations.
According to FT, the idea of acquiring a significant stake in Yandex for the first time arose from the management of Sberbank in early 2018. The head of Yandex, Arkady Volozh, rejected the proposals of the credit organization.
At the same time, companies are discussing further investments, but have not yet completed the transaction, said three sources close to Sberbank and a source close to Yandex. Probably, the bank’s investments will be linked to the “ecosystem” of IT companies, including the food delivery business. The Yandex.Food service has been operating since 2017.
On October 24, Sberbank and Yandex announced the official launch of the Beru marketplace. Service has been tested since May 2018.
On October 18, The Bell and Vedomosti reported that Sberbank was negotiating to buy a large stake in Yandex, probably in the amount of 30%. Sberbank and Yandex rejected this information.
Since 2009, Sberbank has owned a “golden” or priority share of Yandex, thanks to which a credit institution has the right to block the sale of more than 25% of search engine shares.