UPDATE3: Sberbank approves sale of Yandex golden share back to firm

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MOSCOW, Nov 19 (PRIME) -- The management of Russian top lender Sberbank has approved the sale of a golden share in Internet company Yandex back to the company for a token one euro, the bank said in a statement on Tuesday.

“The management of Sberbank has made a decision to approve a deal to sell the golden share to Yandex N.V. Sberbank is selling the mentioned share at the price of acquisition – for one euro,” the statement said.

Sberbank purchased the golden share in Yandex in 2009.

On Monday, Yandex announced a plan to restructure its corporate management by establishing a public interests foundation that will receive a golden share in Yandex from Sberbank. Media linked the change to a draft law submitted to the State Duma, parliament’s lower chamber, prohibiting foreign companies from holding more than 20% in significant information resources in the Russian segment of the Internet.

Director of the Federal Antimonopoly Service Igor Artemyev said that Yandex’ restructuring will unlikely require permission by the antitrust.

“As far as I understand, no. Yet, there may be special features… since we were at the roots of forming the company management system of the company and the role of the government and they may or may not ask us. I don’t see where Yandex would occupy a dominating position on the market, but if they do, should come and ask us.”

Presidential spokesman Dmitry Peskov said that Yandex did not ask for permission but discussed its reform with the Kremlin. “It is one thing to discuss and inform the presidential administration about such large-scale plans and a different thing is to ask for a permit… It is only natural that large companies are in dialogue with the relevant offices of the presidential administration so they could know firsthand about the worries that the government can have. But this is by no means a request for consent,” he said.

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