PCT No. PCT/EP97/03742 Sec. 371 Date Jan. 7, 1999 Sec. 102(e) Date Jan. 7, 1999 PCT Filed Jul. 14, 1997 PCT Pub. No. WO98/03456 PCT Pub. Date Jan. 29, 1998Alcohols and/or aldehydes are prepared from olefins by cross-metathesis of olefins with alcohols having at least one double bond in the molecule and in which at least one hydroxyl is in the allyl position relative to a C=C double bond over catalysts of the formula (I) XX1LL1Ru [sic]=CR1R2(I) with optional subsequent hydrogenation and/or isomerization, R1 and R2 being hydrogen or C-organic radicals with or without a heteroatom, X [sic] and X1 [sic] being, independently, anionic ligands, and L [sic] and L1 [sic] being, independently, neutral electron donor ligands.