Russia`s Basic Element has no plans to up Hochtief stake
Russia`s Basic Element, owned by billionaire Oleg Deripaska, has no plans to raise its 10 percent stake in German builder Hochtief , its chief executive was quoted as saying on Monday.
"We have no plans to take over the company or to raise our stake in it," Austrian newspaper Der Standard quoted Basic Element CEO Gulzhan Moldazhanova as saying in an interview. "Our 10 percent is enough to be heard."
Deripaska, Russia`s second-wealthiest man, in May bought a 10 percent stake in Hochtief. While he said at the time he had no plans to increase the stake, speculation he was buying more Hochtief shares has occasionally moved Hochtief`s shares.
Deripaska also owns a 25 percent stake in Austrian builder Strabag .
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