Antitrust to back purchase of stake in Yandex by Sberbank if asked

MOSCOW, Oct 26 (PRIME) -- The Federal Antimonopoly Service would approve the purchase of a stake in Internet company Yandex by Russia’s biggest bank Sberbank if the issue arises, the watchdog’s Director Igor Artemyev told reporters on Friday.

“Of course, we’ll approve it if the deal takes place, 100%,” Artemyev said, adding that he does not understand the market’s reaction to rumors about a possible deal. Yandex’s quotes dramatically plunged both in Moscow and in New York after the media reports.

“The question is not that (Yandex) will or won’t be free. It will stay free as it is: nobody will restrict anything,” he said.

Sberbank could offer Yandex an impressive amount of assets for quick development. The deal would be between two completely different markets, which would not raise competition on either of them, Artemyev said.

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