June 8 (Reuters) – Russian internet firm Yandex (YNDX.O) on Thursday said it had been granted permission to retain its Nasdaq Stock Exchange listing provided the restructuring and divestment of its Russian business is concluded by the end of 2023.
Often dubbed “Russia’s Google”, Yandex is making progress on a corporate restructuring plan that should see it divest ownership and control of core, Russia-based businesses, in what could be one of Russia’s most significant corporate deals this year.
Russian billionaires including Vladimir Potanin, CEO and the largest shareholder of metals giant Nornickel (GMKN.MM), and Vagit Alekperov, co-founder and a major shareholder in oil major Lukoil (LKOH.MM), are among the bidders for assets ultimately…
Read the full article at: https://www.reuters.com/business/media-telecom/yandex-granted-nasdaq-lifeline-subject-russia-restructuring-2023-06-08/