Deripaska expands Austrian involvement

Russian oligarch Oleg Deripaska's Cyprus based Rasperia Trading is expanding its involvement in Austrian construction giant Strabag.

Deripaska expands Austrian involvement
A Strabag construction site. Photo: APA

Deripaska, who already held 19.4 percent of shares, has purchased additional shares worth about €123 million ($166m), and now holds a blocking minority of 25 percent plus one share.

In 2007, Deripaska already took over 30 percent of Austria's biggest and Europe's sixth-biggest building firm Strabag, but later sold out again except for a token share.

Strabag's turnover was already estimated several years ago at more than €12 billion. Its total staff is about 76,000.

It has been heavily involved in projects in Russia, including cooperation with firms controlled by Deripaska.

Deripaska had a practical monopoly in the Russian aluminium sector during the 2000's as owner of the world's number one company Rusal.

His industrial empire employs an estimated quarter of a million workers.

Strabag is an Austrian construction company, with its headquarters in Vienna.

Current stakeholders, alongside Rasperia Trading, are Hans Peter Haselsteiner's holding company with 25.5 percent, the Raiffeisen-Holding Niederösterreich-Wien group and Raiffeisen Group and UNIQA Group with 26.5 percent.

Thirteen percent of the company's shares represent free float, and ten percent of the shares are held by Strabag itself.


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Germany’s BMW to put €1 billion into electric vehicles in Austria

German auto manufacturer BMW said on Monday it would invest "around one billion euros" in the production of electric vehicles at a plant in Austria from 2025.

Germany's BMW to put €1 billion into electric vehicles in Austria

Altogether, 600,000 units a year should roll off the line at the factory in Steyr under the investment plan, set to run until 2030, BMW said in a statement.

From 2025, BMW will “develop and produce the next generation of e-drives” at the Austrian site, BMW’s production chief Milan Nedeljkovic said.

The refurbishment of the plant will see two new production lines added and the location expanded by 60,000 square metres.

The new facilities would require €710 million in investment, while €230 million would be dedicated to boosting vehicle development at Steyr.

“Around half” the 4,400 employees at the site would be working on “e-mobility” by 2030, plant boss Alexander Susanek said.

The Bavarian manufacturer said it aimed to have two million electric vehicles on the road by 2025, promising 13 new electric models and a revamp of its Mini brand.

BMW has already said it will spend €400 million to upgrade its home factory in Munich to produce electric vehicles.