Therefore, now we are in the so-called stand by: we are not actively negotiating." "There are many factors in the deal now, one of them is the price increase compared to the original one. "We have never had the desire to steer Yandex, and for a portfolio investment it is important to correctly determine the entry price." "I am not sure that we will go into Yandex," Kostin told Reuters when asked about plans. The bank already holds a 1.5% portfolio investment in Yandex. Kostin said he was not sure VTB would continue with its bid. 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. MOSCOW (Reuters) -Russian state-owned lender VTB may pull out of the running to acquire a stake in internet giant Yandex, the bank's CEO, Andrei Kostin, told Reuters, as discussions are now centered around higher prices than the bank's initial offer.
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