Cerberus said to bid for Germany’s RAG – report

15 June 2007 00:22  [Source: ICIS news]

HOUSTON (ICIS news)--Private investment firm Cerberus was reported on Thursday to have offered €6bn-8bn (some $8bn-11bn) to purchase RAG of Germany’s chemical and other non-coal assets.

A Reuters report said German politicians who approved the float of RAG’s non-coal assets on Wednesday were aware of the bid and that others could follow. The Westdeutsche Allgemeine Zeitung newspaper also reported the existence of the bid, Reuters said.

Officials from RAG and Cerberus were not immediately available for comment.

RAG, a conglomerate based in Essen, plans to sell its chemicals, energy, and property divisions in 2008, the report said.

The sale is planned to offset liabilities in RAG’s coal business, the report said.

More information was not immediately available.

($1 = €0.75)

By: Staff Reporter
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