Strabag reveals plans to cut share of contractor owned by Russian oligarch below 25%
11 May 2023
Austrian contractor Strabag has revealed plans to cut the stake of shareholder Rasperia, controlled by Russian oligarch Oleg Deripaska, to below 25%.
Strabag already took measures to freeze the Rasperia shareholding in the wake of Russia’s invasion of Ukraine. Deripaska himself is subject to sanctions from the USA, Canada, Australia, European Union, and UK.
But now the contractor has proposed a move at its annual general meeting in June to reduce Rasperia’s stake from 27.8% down to below 25%.
It explained, “This is intended to reduce risks and detrimental effects on the company’s business activities related to sanctions imposed on Oleg Deripaska, who controls MKAO Rasperia Trading Limited.”
It added that the Austrian core shareholders in the Strabag business, who together hold a 57.78% stake, supported the measures and committed themselves to elect for a distribution in the form of new shares to dilute Rasperia’s holding.
Provided the conditions for the plan are met, it is only expected to be implemented in the first quarter of 2024.
Earlier this month, Strabag CEO Klemens Haselsteiner stressed that there was no longer any on the business by Deripaska, following measures it took after the invasion of Ukraine.