Strabag has revealed that it was exiting Russia and its main shareholder, Haselsteiner Family Private Foundation, was breaking ties with Rasperia.
Rasperia, holds a 27.8% equity in Strabag, is controlled by Russian oligarch Oleg Deripaska, who has been sanctioned by the UK government.
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Strabag’s Russian operations represent about 0.3% of the group revenues.
It has joined several Western companies that have limited, put on hold or even quit business activities in Russia following Moscow’s invasion of Ukraine.
The Haselsteiner Family Private Foundation had ended a syndicate agreement with Rasperia, UNIQA and Raiffeisen following efforts to buy the stake that Rasperia holds in Strabag failed.
Through an agreement set up in 2007, the four groups shared ownership of Strabag.
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By GlobalDataStrabag had stated that it could operate in the UK, US and EU despite the sanctions against the Russian oligarch.
Strabag CEO Thomas Birtel said: “The Management Board welcomes the step taken by our core shareholder, the Haselsteiner family foundation, to achieve clarity by terminating the syndicate agreement.
“On the part of the management, 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.”
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Strabag’s Russian operations represent about 0.3% of the group revenues. Credit: analogicus from Pixabay.
