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Implenia, Tchigirinsky Form Russian Property Venture

Implenia AG, Switzerland’s largest builder, said billionaire Chalva Tchigirinsky bought a 2.7 percent stake and joint venture with the building company of the Russian investor was founded to develop Russian property and infrastructure projects.Russian Land Implenia will be split evenly between the two owners, Implenia Chairman Anton Affentranger and RLI Chief Executive Officer Urs Haener said in a statement today.

Implenia is battling a takeover attempt by Isle of Man- based Laxey Partners Ltd. Switzerland’s Takeover Board delayed its approval of the bid on Nov. 23, saying it needs more information. The two parties in the Russian venture are entering into a longer-term partnership that goes beyond the joint venture.

“We chose Implenia, because of its expertise in project management and a huge know-how in infrastructure,” Haener said at a press conference in Zurich. “We prefer to pay a bit more for the right quality.”

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