History
The year of the initial public offering was characterised by considerable price fluctuations. The records on the international stock markets in the first six months of the year were quickly forgotten in the second half when the markets reacted with considerable losses to the subprime crisis on the US mortgage market. When the US investment bank Lehman Brothers collapsed in September 2008, heralding the start of the global financial crisis, there had already been increasing signs of an economic slowdown. Accompanied by declining real economic growth rates and rising inflationary pressure, the stock markets began a downward slide for the next few years.
As a result of the economic crisis, core shareholder Rasperia Trading Ltd., owned by Russian entrepreneur Oleg Deripaska, sold its stake to the other core shareholders. Rasperia maintained the option to buy back its share package in the autumn of 2010. At the end of November 2010, Rasperia bought back a 17 % stake. A buy option was granted for the remaining 8 % and was used at a later date.
The 7th STRABAG SE Annual General Meeting of 10 June 2011 authorised the Management Board of the company, in accordance with Section 65 Paragraph 1 No. 8 of the Austrian Stock Corporation Act (AktG), to acquire up to 10 % of the share capital of the company on the stock market or over the counter until no later 10 July 2012. The purchase price per STRABAG SE share was set at no more than € 27.115 – the book value per share at the end of 2010.
The 8th STRABAG SE Annual General Meeting of 15 June 2012 authorised the Management Board of the company, in accordance with Section 65 Paragraph 1 No. 8 of the Austrian Stock Corporation Act (AktG), to acquire up to 10 % of the share capital of the company during a period of validity of twelve months from 10 July 2012. The authorisation granted the possibility to acquire the shares either on the stock market or over the counter. The new authorisation of the Management Board to acquire own shares therefore seamlessly followed the authorisation granted by resolution of the Annual General Meeting on 10 June 2011.
The authorisation was to be exercised by the Management Board in such a way that, under consideration of the already acquired number of shares, a maximum of 11,400,000 shares was not exceeded and therefore an acquisition of own shares would at no time lead to a shareholding in excess of the 10 % mark.
Due to the share buyback programme that ended on 23 May 2013, STRABAG SE held 10.0 % or 11,400,000 own shares, as at the end of January 2014.
On 10 June 2016, the Annual General Meeting voted to withdraw 4,000,000 own shares. As a result of this transaction, which was registered on 22 July 2016, the share capital was reduced to € 110.0 million; own shares then amounted to 6.7% of the share capital. This led to a slight increase in the holdings of the core shareholders.
The Annual General Meeting of 18 June 2021 voted to cancel the remaining 7,400,000 own shares. Since this transaction, which was registered on 16 July 2021, the share capital amounts to € 102.6 million. This also led to another slight increase in the holdings of the core shareholders. The current shareholder structure is available here. To our knowledge, no investor other than the core shareholders holds more than 5 % of the company.
On 15 March 2022, STRABAG SE was informed by its core shareholder Haselsteiner Familien-Privatstiftung that it had terminated the 2007 syndicate agreement with UNIQA Group, Raiffeisen Group and MKAO “Rasperia Trading Limited”. As a result, the syndicate agreement expired at the end of 2022, thereby ending the Austrian core shareholders’ joint control with MKAO “Rasperia Trading Limited”.
On 18 August 2022, the Austrian core shareholders Haselsteiner Familien-Privatstiftung, Dr. Hans Peter Haselsteiner and Klemens Haselsteiner, RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN registrierte Genossenschaft mit beschränkter Haftung and Group company, and UNIQA Insurance Group AG and Group companies, concluded a new syndicate agreement that continued the core shareholder syndicate for STRABAG SE without MKAO “Rasperia Trading Limited”.
On 29 September 2022, the core shareholders also submitted an anticipatory mandatory offer for shares of STRABAG SE. The company agreed with the bidders of the mandatory offer to acquire, as own shares, up to 10,260,000 of the shares tendered into the offer, representing up to 10% of the share capital, at the same price as the offer price. This agreement is based on the resolution adopted by the General Meeting of STRABAG SE on 24 June 2022 authorising the Management Board to buy back own shares. By the end of the offer and extended acceptance period, 2,779,006 STRABAG shares had been tendered for sale. These were all acquired by STRABAG SE on the basis of the aforementioned agreement. STRABAG SE therefore currently holds 2,779,006 own shares.
In September 2023, STRABAG SE began to gradually implement the capital measures that had been unanimously approved at the company’s 19th Annual General Meeting with the aim of reducing the shareholding interest in STRABAG held by MKAO “Rasperia Trading Limited” – a company controlled by the sanctioned Russian citizen Oleg Deripaska – from 27.8% to less than 25%. This essentially involved a conditional distribution from the reserves of STRABAG SE, with each shareholder given the option of receiving the distribution in the form of new shares or in cash. The share option required those existing shares for which the option was exercised to be temporarily assigned a new ISIN AT0000A36HH9.
Published on website: 19.10.2007 – Last Update: 21.03.2024 8:14:31
As a result of the economic crisis, core shareholder Rasperia Trading Ltd., owned by Russian entrepreneur Oleg Deripaska, sold its stake to the other core shareholders. Rasperia maintained the option to buy back its share package in the autumn of 2010. At the end of November 2010, Rasperia bought back a 17 % stake. A buy option was granted for the remaining 8 % and was used at a later date.
The 7th STRABAG SE Annual General Meeting of 10 June 2011 authorised the Management Board of the company, in accordance with Section 65 Paragraph 1 No. 8 of the Austrian Stock Corporation Act (AktG), to acquire up to 10 % of the share capital of the company on the stock market or over the counter until no later 10 July 2012. The purchase price per STRABAG SE share was set at no more than € 27.115 – the book value per share at the end of 2010.
The 8th STRABAG SE Annual General Meeting of 15 June 2012 authorised the Management Board of the company, in accordance with Section 65 Paragraph 1 No. 8 of the Austrian Stock Corporation Act (AktG), to acquire up to 10 % of the share capital of the company during a period of validity of twelve months from 10 July 2012. The authorisation granted the possibility to acquire the shares either on the stock market or over the counter. The new authorisation of the Management Board to acquire own shares therefore seamlessly followed the authorisation granted by resolution of the Annual General Meeting on 10 June 2011.
The authorisation was to be exercised by the Management Board in such a way that, under consideration of the already acquired number of shares, a maximum of 11,400,000 shares was not exceeded and therefore an acquisition of own shares would at no time lead to a shareholding in excess of the 10 % mark.
Due to the share buyback programme that ended on 23 May 2013, STRABAG SE held 10.0 % or 11,400,000 own shares, as at the end of January 2014.
On 10 June 2016, the Annual General Meeting voted to withdraw 4,000,000 own shares. As a result of this transaction, which was registered on 22 July 2016, the share capital was reduced to € 110.0 million; own shares then amounted to 6.7% of the share capital. This led to a slight increase in the holdings of the core shareholders.
The Annual General Meeting of 18 June 2021 voted to cancel the remaining 7,400,000 own shares. Since this transaction, which was registered on 16 July 2021, the share capital amounts to € 102.6 million. This also led to another slight increase in the holdings of the core shareholders. The current shareholder structure is available here. To our knowledge, no investor other than the core shareholders holds more than 5 % of the company.
On 15 March 2022, STRABAG SE was informed by its core shareholder Haselsteiner Familien-Privatstiftung that it had terminated the 2007 syndicate agreement with UNIQA Group, Raiffeisen Group and MKAO “Rasperia Trading Limited”. As a result, the syndicate agreement expired at the end of 2022, thereby ending the Austrian core shareholders’ joint control with MKAO “Rasperia Trading Limited”.
On 18 August 2022, the Austrian core shareholders Haselsteiner Familien-Privatstiftung, Dr. Hans Peter Haselsteiner and Klemens Haselsteiner, RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN registrierte Genossenschaft mit beschränkter Haftung and Group company, and UNIQA Insurance Group AG and Group companies, concluded a new syndicate agreement that continued the core shareholder syndicate for STRABAG SE without MKAO “Rasperia Trading Limited”.
On 29 September 2022, the core shareholders also submitted an anticipatory mandatory offer for shares of STRABAG SE. The company agreed with the bidders of the mandatory offer to acquire, as own shares, up to 10,260,000 of the shares tendered into the offer, representing up to 10% of the share capital, at the same price as the offer price. This agreement is based on the resolution adopted by the General Meeting of STRABAG SE on 24 June 2022 authorising the Management Board to buy back own shares. By the end of the offer and extended acceptance period, 2,779,006 STRABAG shares had been tendered for sale. These were all acquired by STRABAG SE on the basis of the aforementioned agreement. STRABAG SE therefore currently holds 2,779,006 own shares.
In September 2023, STRABAG SE began to gradually implement the capital measures that had been unanimously approved at the company’s 19th Annual General Meeting with the aim of reducing the shareholding interest in STRABAG held by MKAO “Rasperia Trading Limited” – a company controlled by the sanctioned Russian citizen Oleg Deripaska – from 27.8% to less than 25%. This essentially involved a conditional distribution from the reserves of STRABAG SE, with each shareholder given the option of receiving the distribution in the form of new shares or in cash. The share option required those existing shares for which the option was exercised to be temporarily assigned a new ISIN AT0000A36HH9.
The final step of the capital measures was an ordinary non-cash capital increase caried out in March 2024 through the issue of around 15.6 million new shares, with the effect of reducing the stake held by MKAO “Rasperia Trading Limited” in STRABAG SE to 24.1%. The newly issued shares will be listed on the Vienna Stock Exchange under their own ISIN AT0000A36HJ5 until further notice. The shares that had been temporarily assigned ISIN AT0000A36HH9 were reassigned back to the regular ISIN AT000000STR1 following implementation of the ordinary non-cash capital increase.
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