|
contents | business | |||||||||
| Strabag presents Russia's Basic Element as a core shareholder  Dr. Hans Peter Haselsteiner, CEO of the Vienna-based Strabag SE, one of Europe's leading construction groups, revealed the new, third strategic core shareholder of Strabag SE to be Basic Element, a Russian conglomerate owned by Mr. Oleg V. Deripaska. The shareholders of Strabag SE have agreed to give Basic Element 30% of the group's share capital. For this purpose, the share capital of Strabag SE will be increased by 25 million shares from 70 to 95 million. To a lesser degree, the existing Strabag SE shareholders will also sell shares from their own holdings to Basic Element. The capital increase will boost the share capital of Strabag SE by around EUR 1.05 billion.The market for infrastructure projects in Russia is growing by around 20% p.a., in particular in those areas in which Strabag has its strengths: bridges, roads and tunnels. Working together with Basic Element's construction division, Strabag will be able to accelerate its expansion on the Russian market. Strabag expects to post revenue of around EUR 10 billion in the ongoing financial year. From its core markets Austria and Germany, Strabag is present via its numerous subsidiaries in all countries of Eastern and South-East Europe, in selected markets in Western Europe and the Arabian Peninsula, as well as in Canada, Chile and China. Basic Element is a diversified holding company (Sibirsky Aluminium Group until 2001) founded in 1997 with assets in Russia and abroad. Basic Element's core assets are in 6 sectors – Energy, Machinery, Resources, Financial Services, Construction and Development. The consolidated revenue of the group's portfolio businesses amounts to over $18 billion (2006). Its combined asset value exceeds $23 billion. The group employs 240,000 people. Enterprises of the Basic Element Group are located in Russia and in countries of the CIS, Europe, Africa, Latin America and Australia. write your comments about the article :: © 2007 Construction News :: home page |