Negotiations on the purchase of Tinkoff Bank by the Russian company Yandex, announced on September 22, have been terminated. This is stated in statement TCS Group on the London Stock Exchange website.
The bank expressed hope for continued cooperation with Yandex, and also wished him success in building his business in the future.
Forbes, citing a source, claims that the refusal to sell is related to the position of the bank’s founder, Oleg Tinkov, who wanted to actively participate in business. The Yandex management did not like this condition.
Another source notes that the negotiations, which lasted almost a month, were very difficult from the outset and the deal came close to failure many times.
In Yandex confirmed termination of negotiations on the purchase of 100 percent of the share capital of Tinkoff. The statement states that it was not possible to agree on the final terms of the deal with the main shareholders.
Earlier, market sources claimed that other companies were also interested in buying the bank. Among other things, they talked about the possibility of starting negotiations with MTS. At the moment, Tinkoff is denying this information.
Earlier, Tinkov himself warned that he was not sure about the positive completion of the transaction. He promised that the Tinkoff brand would be preserved, and also asked not to talk about the sale – only about the “merger of the two best IT companies in the country.”