OREANDA-NEWS. On 13 May 2009 was announced, that Basic Element and STRABAG SE shareholders - Raiffeisen Holding NOe-Wien and Haselsteiner family companies - agreed upon a form of further joint management of the Austrian company which guarantees their long-term strategic cooperation.

According to the agreement, Basic Element transferred its 25% stake in STRABAG to other shareholders of the company. The deal allows Basic Element to completely repay its debt owed to Raiffeisen bank, retain one registered share of STRABAG and keep two places on STRABAG nine-seat supervisory board. Thus rights of all shareholders related to joint management of the company, provided earlier by the shareholders agreement, have been ratified.

Basic Element will also hold a call option to buy back the stake until December 20, 2009 with an opportunity of its extension to October 2010.

Basic Element Chief Executive Officer Oleg Deripaska said: "I'm convinced that this agreement is absolutely in line with the interests of the company and all its shareholders. It creates a basis for our further long-term cooperation, which provides STRABAG with an opportunity to fully implement its technological potential in Russia, and Basic Element - to complete infrastructure projects of a high importance for the country".

STRABAG Chief Executive Officer Hans-Peter Haselsteiner said: "It's strategically important for us to continue cooperation with Basic Element, which remains our key and reliable partner on the Russian market. I have no doubt that Basic Element will continue to actively participate in STRABAG business and will make use of the call option".