Russia's Deripaska buys back 17 percent Strabag stake

1st December 2010, Comments 0 comments

Russian oligarch Oleg Deripaska has bought back a 17-percent stake in Austrian construction giant Strabag for 373 million euros (485 million dollars), his Basic Element group said in a statement on Wednesday.

Rasperia Trading Ltd, a subsidiary of Basic Element, "exercised the call option for 17 percent stake in Strabag... on 30 November," said a statement jointly released by Basic Element group and Strabag.

The group bought back 19.38 million shares at 19.25 euros per share. Rasperia received an extension of its call option for another eight percent, until July 15 2014, the statement said.

Rasperia is a subsidiary of Basic Element, a massive conglomerate of assets controlled by Deripaska, the chief of Russian aluminium giant Rusal.

Basic Element bought a 25-percent stake in Strabag in 2007 but had to surrender it last year owing to financial difficulties.

The stake was transferred to core Strabag shareholders, Raiffeisen/UNIQA group and Haselsteiner group, with an agreement that the Russian group had the option to buy back its stake.

© 2010 AFP

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