Lanxess still keen on Degussa amid IPO reports

15 May 2007 17:24  [Source: ICIS news]

LONDON (ICIS news)--The chairman of Lanxess on Tuesday said the company was still prepared to make a bid for RAG subsidiary Degussa, after German media reports suggested an agreement had been made to float the privately owned specialty chemicals firm.

 

“We will of course respect such a decision,” said Axel Heitmann in a statement. "We have always stressed that we would be prepared to act should an alternative be sought to a stock market listing in the ‘white operations’ of RAG.”

 

Prime minister of North Rhine-Westphalia, Jurgen Ruttgers, on Tuesday told the German press an agreement had been reached by the federal government to pursue an initial public offering (IPO) for the Dusseldorf-based firm.

 

“We continue to believe that for Degussa and Lanxess to join forces would be a sensible and viable solution that would be good for the chemical industry in the state of North Rhine-Westphalia,” added Heitmann.

 

Last week Heitmann said Lanxess was prepared to offer €4-6bn for Degussa should the attempt at an IPO fail.

By: Mark Watts
+44 20 8652 3214

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