Strabag maps out next step to decrease Russian investor's stake
Reuters
Published Sep 11, 2023 10:48
(Reuters) - Austrian construction group Strabag set out details on Monday of a planned capital reduction in its latest step aimed at decreasing the stake held by a company belonging to sanctioned Russian shareholder Oleg Deripaska. The move will decrease MKAO Rasperia Trading Limited's stake in Strabag from a current 27.8% to below 25%, ridding the company of its blocking minority, the Austrian firm said.
"This is intended to reduce risks and detrimental effects on the Company's business activities related to sanctions imposed on Oleg Deripaska," it added in a statement.
Free reserves will be distributed to existing shareholders, who have the choice between a share option at a ratio of one new share per four already held or a cash option of 9.05 euros per share.
According to Strabag, the Haselsteiner family, UNIQA and Raiffeisen , who in total own 57.78% of the company's stock according to LSEG data, have all agreed to choose the share-based option.
Deripaska, an oligarch with ties to Vladimir Putin who has held a stake in Austria's largest construction firm since 2007, was put on the European Union's sanctions list after Russia's invasion of Ukraine, and his assets were frozen.
The distribution, of cash or shares, is expected to take place towards the end of the first quarter of 2024, the company said.
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Written By: Reuters
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