Saturday, 21st November 2009

 

5 September 2008 - Jason Corcoran, Moscow

Russia’s richest man increases his property interests

Russian tycoon Oleg Deripaska has raised his stake in the managing company of the emerging business district of Moscow City to 84% after buying out fellow oligarchs Prokhorov and Vladimir Potanin.

Deripaska, Russia's richest man with a fortune estimated by Forbes Russia of $40bn (€25.2bn), paid metal and mining billionaires Prokhorov and Potanin $165m for their combined 46% stake, according to a report in the Russian newspaper Vedomosti.

Deripaska, has also been the main developer at the Canary Wharf-styled Moscow City though his Basic Element holding company.

Deripaska built Moscow City's Tower 2000 building, which has floor space of 32,292 sq ft, and the Bagration Bridge which straddles the Moscow river.

In the past year, Deripaska has acquired stakes in Strabag and Hochtief, two of Europe's largest builders, and cement factories in southern Russia. The Russian government led by prime minister Vladimir Putin's has named Strabag the main contractor for the 2014 Winter Olympics in Sochi.

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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