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BW Businessworld

Russia's Yandex And TCS Terminate Takeover Talks For Online Bank Tinkoff

Tinkoff's parent company TCS Group Holding said on Friday that it had agreed with Yandex not to proceed with the transaction but Tinkoff would continue to partner Yandex on current and future projects.

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Discussions over a $5.48 billion cash-and-shares sale of online bank Tinkoff to Russian internet giant Yandex have been terminated after they failed to agree transaction terms.

Tinkoff's parent company TCS Group Holding said on Friday that it had agreed with Yandex not to proceed with the transaction but Tinkoff would continue to partner Yandex on current and future projects.

Yandex, meanwhile, expressed regret that it was unable to agree definitive transaction terms with Tinkoff's core shareholders.

The internet company said the parties had mutually agreed to terminate discussions regarding a possible offer for Tinkoff, which has more than 10 million customers across Russia.

TCS and Yandex had announced they were in talks on Sept. 22, a few months after Yandex said it was terminating its partnership with Sberbank.

Tinkoff now intends to develop independently, the Interfax news agency reported, citing a bank representative.

The termination of the deal hit Yandex shares, sending them 2.7% down to 4,628.2 roubles ($58.35), their weakest level since Sept. 22.

(Reuters)