Deripaska increases Strabag stake

By Sandy Guthrie20 January 2014

Strabag in Moscow

Strabag in Moscow

Oleg Deripaska’s share in Strabag has grown to 19.4% having acquired shares from the Haselsteiner family foundation through his Rasperia Trading investment company.

The Russian tycoon can increase this stake further to 25% by July 2014.

Partial ownership by Rasperia and its parent company, Basic Element, is part of Austrian contractor Strabag’s strategy to secure a foothold in the Russian construction market.

In 2009, Deripaska, through Rasperia, informed Strabag shareholders that he intended to make use of an extension option relating to the buy-back of a 25% shareholding in the company. Earlier that year, Basic Element had given back its 25% stake in Strabag to other shareholders, including the Haselsteiner family and Raiffeisen Bank, to fund other activities in the wake of the global financial crisis.

Basic Element kept a single share in Strabag and retained two seats on the supervisory board.

At the time Strabag CEO Hans-Peter Haselsteiner – who retired last year, 12 months ahead of his planned retirement date – said, "It is strategically important for us to continue our co-operation with Basic Element, a company which remains our key and reliable partner in the Russian market."

In 2010, Basic Element agreed to repurchase a 17% stake in Strabag for €373 million. The company had the option to acquire a further 8% in the company – a call option that is valid until 15 July, 2014.

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