UPDATE 1-Russia's Deripaska sells off Hochtief stake

FRANKFURT/MOSCOW, Oct 9 (Reuters) - Russian billionaire Oleg Deripaska has sold his 9.99 percent stake in German construction company Hochtief, his company said on Thursday, as the credit crisis batters Russia's richest man. The sale marks the second major blow this month to Deripaska, who already handed a $1.4 billion stake in Canadian auto parts maker Magna to creditors as his indebted empire struggles to find cash against the backdrop of frozen credit markets. A spokesman for Basic Element, Deripaska's main investment vehicle, said the firm was still committed to its large minority stakes in the world's largest aluminium producer Norilsk Nickel and Austrian construction firm Strabag said in had increased its... [read full story]