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Yandex and Tinkoff Group terminate discussions about merger


Plans for Russia's biggest corporate deal of 2020 fell apart on Friday as talks over a $5.48 billion cash-and-shares sale of online bank Tinkoff to internet giant Yandex YNDX.O were terminated after failure to agree transaction terms, Reuters reports.

The potential deal - which would have provided competition for Sberbank SBER.MM in the technology and banking sectors - stalled less than four weeks after it was announced by Tinkoff parent TCS Group Holding TCSq.L.

TCS founder Oleg Tinkov claimed responsibility for halting the talks. УToday I decided to break the possible deal with Yandex,Ф he said in an internal corporate email.