Deripaska extends Strabag option

Oleg Deripaska, through his investment company Rasperia, has informed Strabag shareholders that he intends to make use of the extension option relating to the buy-back of a 25% shareholding in the company.

The shares were given back to Strabag shareholders in April this year to pay debt but Mr Deripaska retained two seats on the supervisory board and a call option to repurchase the stake.

A Strabag spokesperson said, "In order to allow Rasperia, the investment vehicle of Mr Deripaska's Basic Element company, to reacquire the 28,5 million shares in Strabag, the original shareholders granted Rasperia a call option expiring on 18 December 2009, with a possible extension to 15 October 2010 in exchange for an option premium of € 45,8 million.

"Mr Deripaska has signalled his intentions to take the extension," confirmed the spokesperson.

A further statement from Strabag said the extension would become legally binding once the option premium was paid either on or before 18 December.