Strabag maps out next step to decrease Russian investor's stake (updated)

UNIQA Insurance AG

11/09/2023 10:42

(adds details, background)
       Sept 11 (Reuters) - Austrian construction group Strabag
 STRV.VI  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
 UNIQ.VI  and Raiffeisen  RBIV.VI , 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.
  

 (Reporting by Tristan Veyet in Gdansk
Editing by Miranda Murray and Rachel More)
 ((Tristan.Chabba@thomsonreuters.com;))