Deripaska to return Strabag stake, keeps option

Deripaska to return Strabag stake, keeps option
Published: 28 April 2009

Russia’s Oleg Deripaska is set to hand back a 25 per cent stake in Austrian builder Strabag to Strabag’s other key shareholders, Austrian bank Raiffeisen Holding NOe-Wien said on Monday.

Under a deal due to be signed this week the family of Strabag’s chief executive, Hans Peter Haselsteiner, Raiffeisen and insurer Uniqa will take back all of Deripaska’s stake but for one share, a spokeswoman for Raiffeisen said.

Along with the single share Deripaska will get an option until the end of the year to buy back his stake, she said. Until then, he will stay in the syndicate with Haselsteiner, Raiffeisen and Uniqa that jointly controls Strabag.

The other shareholders last year took over a loan Deripaska had taken from Deutsche Bank to help purchase the stake for around EUR1bn (US$1.3bn) in 2007. The loan was guaranteed by his Strabag stake.