Rasperia Trading, part of Basic Element (BasEl) holding company owned by Russian billionaire Oleg Deripaska, plans to repurchase a 17 percent stake in Austria's real estate developer Strabag for 373.065 million euros, BasEl said on Monday.
"We view our involvement with Strabag SE as a long-term strategic investment, a real partnership which stands to enhance the company's position to the benefit of all of its shareholders," BasEl quoted Deputy CEO Basic Element and member of Strabag SE's supervisory board Andrei Elinson as saying in a statement.
In 2009, BasEl agreed to transfer its 25 percent stake to other shareholders, Raiffeisen-Holding Niederoesterreich-Wien and Haselsteiner Group and the family of Strabag CEO Hans Peter Haselsteiner, in exchange for a full repayment of BasEl's debts to Raiffeisen bank.
BasEl also signed an option to repurchase its stake before December 2009. It was later extended to October 15, 2010.
The call option for the remaining eight percent of shares was extended until July 15, 2014.
The two companies also said in a statement that Strabag would make an advance payment of 70 million euros for a 26 percent stake in Transstroy, Russia's leading road construction company, also owned by Deripaska, by the end of 2010.
"Russia already shows first signs of a recovery from the financial and economic crisis," the statement quoted Haselsteiner as saying. "I am convinced of the strong market potential there. By 2020, Russia could be one of the three largest markets for the Strabag Group. Taking a minority stake in Transstroy - and therefore entering the transportation infrastructure segment in Russia - is the next step to reaching this goal."
BasEl also said that on Monday Strabag and Glavstroy Corporation, BasEl's construction group, will sign a memorandum of understanding regarding the construction of the Olympic village in Sochi in the south of Russia.
Under the deal, by September 2013 Strabag will construct residences and hotels ahead of the 2014 winter Olympic games. The contract is subject to finalizing of financing for the 350 million euro project, BasEl said.
MOSCOW, November 8 (RIA Novosti)
