April 27, 2009 / 1:08 PM / 10 years ago

Deripaska to return Strabag stake, keeps option

VIENNA, April 27 (Reuters) - Russian oligarch Oleg Deripaska is set to hand back a 25 percent stake in Austrian builder Strabag (STRV.VI) to Strabag’s other key shareholders, Austrian bank Raiffeisen Holding NOe-Wien said on Monday. Under a deal due to be signed this week the family of Strabag’s chief executive, Hans Peter Haselsteiner, Raiffeisen and insurer Uniqa (UNIQ.VI) will take back all of Deripaska’s stake but for one share, a spokeswoman for Raiffeisen said.

Along with the single share Deripaska will get an option until the end of the year to buy back his stake, she said. Until then, he will stay in the syndicate with Haselsteiner, Raiffeisen and Uniqa that jointly controls Strabag.

The other shareholders last year took over a loan Deripaska had taken from Deutsche Bank to help purchase the stake for around 1 billion euros ($1.3 billion) in 2007. The loan was guaranteed by his Strabag stake.

Deripaska, who flourished as a commodity trader in the chaos that followed the fall of the Soviet Union, rose to be ranked as Russia’s richest man last year with an empire stretching from airports to cement production.

But he has since sold stakes in Canadian car parts maker Magna International MGa.TO and German builder Hochtief (HOTG.DE) and Russia’s Finans magazine said in February his worth had dropped to $4.9 billion from $40 billion. ($1=.7611 euros) (Reporting by Eva Komarek; Writing by Boris Groendahl; Editing by Greg Mahlich)

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