Russian oligarch Oleg Deripaska expands operations in Romania

Austrian giant Stratabag, the fifth largest constructions company worldwide, sold 30% of its shares to Russian billionaire Oleg Deripaska, the second richest person in Russia, for 1.2 billion euros. Deripaska is therefore expanding its operations in Romania, after taking over Oradea-based aluminium producer Alor, with business in the construction and hospitality industry, given that Strabag owns 51% of the shares of the JW Marriott hotel in Bucharest. Additionally, the Russian businessman submitted a takeover bid for the Automobile Craiova plant last week, through JSC Russian Machines. Strabag is one of the biggest street administrators in the Capital City, a contract it secured in 2005. At the beginning of this year, the Austrians also acquired construction company Antrepriza Reparatii si Lucrari ARL Cluj, held by the Ministry of Transport, for 5.2 million euros and own some 40% in Cluj-based Grandemar, specialising in extracting construction stone.