07 March 2005 11:32 [Source: ICIS news]
LONDON (CNI)--German energy and chemicals group RAG confirmed on Monday plans to list on the German stock exchange in May of next year.
The listing is expected to generate about Euro5bn-6bn ($6.6bn-8bn), which would be given to a federal fund covering future liabilities from coal mining, a spokesman told CNI.
RAG's three main shareholders and senior government politicians have in essence agreed to the plan to help remove the cloud of future liabilities from coal mining that hang over the group.?xml:namespace>
The spokesman said the announcement was only the first step towards listing and there are many hurdles to overcome. However, he said recent meetings with RAG’s main shareholders – Eon, RWE and Thyssen-Krupp – had indicated their support for the plan. Further discussions with politicians are planned, he said.
RAG has an annual turnover of approximately Euro20bn and about 100,000 employees. The group made a net loss of Euro60m in 2003. It owns a majority stake in speciality chemicals maker Degussa and coal chemicals producer Rutgers.
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