Strabag exits Russia as main shareholder breaks ties with Deripaska-controlled firm

UNIQA Insurance AG

15/03/2022 12:28

GDANSK, March 15 (Reuters) - Austrian construction group
Strabag  STRV.V  said on Tuesday its main shareholder was
cutting ties with Rasperia, a company controlled by Russian
oligarch Oleg Deripaska that holds a 27.8% stake in Strabag, and
that it was exiting Russia.
    It joins a growing number of Western companies that have
limited, put on hold or exited business activities in Russia in
the wake of Western-led sanctions against Moscow following its
invasion of Ukraine.  urn:newsml:reuters.com:*:nL8N2V21LU
    Strabag said in a statement that its main shareholder, the
Haselsteiner Family Private Foundation, had ended a syndicate
agreement with Rasperia, UNIQA  UNIQ.VI  and Raiffeisen
 RBIV.VI  after efforts to acquire the stake that the Russian
company holds in Strabag failed. The four groups shared
ownership of Strabag through the agreement set up in 2007. 
    Strabag's activities in Russia accounted for 0.3% of the
group's output volume, it said, adding that it would not pay a
dividend to Rasperia. 
    "We are prepared to take all legally possible measures to
avert any harm to the company. In view of the sanctions
currently imposed by the UK and Canada, this refers in
particular to the payment of dividends," it said. 
    Deripaska was sanctioned by Britain last week.
    UNIQA said in a separate statement that the syndicate
agreement will be dissolved from Sept. 31 and will affect the
equity method accounting from the 2023 financial year if "the
significant influence" can no longer be demonstrated.

 (Reporting by Alexander Kloss and Ana Cantero;
Editing by Miranda Murray and Emelia Sithole-Matarise)
 ((alexander.kloss@thomsonreuters.com;ana.canteroros@thomsonreut
ers.com))