Prosus runs out of friends at Russia’s Facebook

Prosus runs out of friends at Russia’s Facebook - @dasha_reuters -

Companies & Funds, Deals

12/8/2021 6:31:00 PM

Prosus runs out of friends at Russia’s Facebook - dasha_reuters -

After a shareholder shimmy, VK is ending up in the arms of the state gas giant and a Putin ally. Delisting it to combine the $4 bln group with the duo’s media empire would unlock savings. It would also be a slap in the face to minorities like the $180 bln Dutch tech investor.

Context NewsRussian billionaire Alisher Usmanov’s holding company USM said on Dec. 2 that it had sold its stake in Russian internet group VK to state-run insurer Sogaz. In a statement, USM said it had sold 57.3% of VK’s voting shares for an undisclosed sum. Banker Yuri Kovalchuk, whom President Vladimir Putin has publicly called a personal friend, owns around a third of Sogaz. Gazprom holds 24% while state lender VTB owns 10%.

You Must Definitely Watch! Here is Funny and Desperate That Moments

Source: REUTERS/Valentyn Ogirenko/IllustrationLogos of Vkontakte and Odnoklassniki social networks are seen on the screen of a payment terminal in this picture illustration taken May 16, 2017.

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