Germany's RAG sells foreign coal ops as nears Degussa buy
18 February 2004 17:23 [Source: ICIS news]
FRANKFURT (CNI)--German coal and chemicals group RAG, which is raising funds for the acquisition of compatriot specialty chemicals producer Degussa in May, has reached a sale agreement for 12 foreign coal mines.
A letter of intent was signed with buyers American Metals & Coal International (AMCI) as well as private equity groups Blackstone and First Reserve Corp.
In another deal, four other mines are being sold to US coal group Peabody.
Financial details of these deals were not disclosed. Reports say that RAG will net Euro500m ($639m) on the AMCI deal alone.
By: Dede Williams
+44 20 8652 3214
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