Deripaska expected to give up Strabag stake

Russian billionaire Oleg Deripaska is expected to give up his 25% stake in Strabag this week. Although he is due to return the holding to the company's other major shareholders, he may be given an option to buy it back before the end of the year.

Last year a group of Strabag's largest shareholders - the Haselsteiner family, insurance company Uniqa and Raiffeisen Bank - took over a € 1 billion loan Mr Deripaska had taken out with Deutsche Bank to buy the stake in the Austrian contractor. With Mr Deripaska apparently struggling to service the debt in the current economic climate, his stake in Strabag is due to revert to the group of three controlling shareholders.

However, the terms of the agreement are thought to include a clause that will allow Mr Deripaska to buy back the 25% before the end of the year if he can raise the capital to do so.