Deripaska gives back Strabag shares
By Steve Skinner01 May 2009
Oleg Deripaska's Basic Element holding company has given back its 25% stake in Strabag to other shareholders including the Haselsteiner family and Raiffeisen Bank to repay a debt.
Basic Element will keep a single share in Strabag and retain two seats on the supervisory board.
Basic Element has a call option to buy back the stake up to 20 December with an option to extend this to October 2010.
Oleg Deripaska, CEO of Basic Element said, "I am convinced this agreement is in line with the interests of the company and all its shareholders. It creates a basis for our further long-term cooperation, which provides Strabag with an opportunity to fully implement its potential in Russia."
Hans-Peter Haselsteiner, CEO of Strabag said, "It is strategically important for us to continue our cooperation with Basic Element, a company which remains our key and reliable partner in the Russian market.
"I have no doubt that Basic Element will continue to actively participate in Strabag business and will, in due course, make use of the call option to re-purchase the shares."