Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Deripaska Files Hochtief Lawsuit

Billionaire Oleg Deripaska has filed a lawsuit against Custodia Holding, claiming the company violated his pre-emptive right to buy a 25 percent stake of Hochtief, Germany's biggest builder.

Deripaska filed the legal action through his Cyprus-based Rasperia Trading with Munich's regional court, his investment company Basic Element said Tuesday. Munich-based Custodia acknowledged the suit in a statement late Monday.

Custodia, owned by Hochtief's former biggest shareholder August von Finck, called the claim "absurd." Von Finck sold off his stake in March to Actividades de Construccion & Servicios for 1.26 billion euros ($1.72 billion). Deripaska held a 3 percent share of Hochtief as of May 4, and Basic Element boosted the stake to almost 10 percent later that month.

Rasperia claims it entered into a "binding preliminary agreement" with Custodia to buy the shares in Hochtief on March 12, eight days before the transaction with ACS.