Yandex N.V. Shareholder Meetings Update and Divestment Plans Progress

Yandex N.V. (NASDAQ: YNDX), based in the Netherlands, reported on March 7, 2024, the approval of all proposed resolutions at its recent shareholder meetings. These approvals mark significant progress in the company's plan to divest its businesses in Russia and certain international markets. With shareholder and Russian government approval obtained, Yandex anticipates the first phase of the divestment to proceed in the coming weeks. This involves a two-part sale transaction contingent on fulfilling remaining conditions.

The shareholder meetings underscored strong support for the company's strategic decisions, with the total voting power of Class A and Class B shares aligning on major resolutions, including the divestment terms and conditional amendments to the company's Articles of Association. Notably, proposals related to the adoption of annual accounts for the fiscal years 2021 and 2022 received overwhelming support, as did the authorization for the company's board to repurchase up to 50% of issued share capital and approval for the cancellation of the Priority Share.