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. Last Updated: 07/27/2016

Deripaska Raises Stake in Hochtief

Oleg Deripaska has increased his stake in Hochtief, Germany's largest construction company, to 9.99 percent from the previous 3 percent, Deripaska's investment unit said Monday.

His investment vehicle Basic Element said in a statement Monday that it was looking to Hochtief's experience in airport reconstruction as Basic Element was preparing to embark on large investment programs in Russia's south.

The statement said the stake had been bought in the market and Basic Element now controls around 7 million shares in Hochtief.

Vedomosti valued the deal at 390 million euros ($526.5 million) and quoted Basic Element's construction sector chief Douglas Land as saying Deripaska had no plans for now to raise his holding in Hochtief further.

Deripaska has bought airports in the southern Russian cities of Krasnodar, Anapa, Sochi and Gelendzhik, betting on a rise in tourism and a possible Russian victory in the race to host the 2014 Winter Olympics.

Hochtief - which built the Taipei 101 skyscraper, the world's tallest - is involved in the reconstruction of Sheremetyevo Airport among other projects.