RAG to make Evonik decision ‘within weeks’

18 March 2008 13:36  [Source: ICIS news]

TORONTO (ICIS news)--Germany’s RAG Stiftung expects to decide within weeks - possibly in April - on whether to proceed with a stock listing and the sale of a stake in Evonik Industries, which includes the former Degussa specialty chemicals operation, a spokesman said on Tuesday.

 

“The board has not made any decision on this at this time,” RAG spokesman Wolf-Rudiger Grohmann told ICIS news.

 

He was speaking with reference to a German press report that claimed RAG had already decided to postpone both options to 2009 due to unfavourable capital market conditions.

 

The report, by Financial Times Deutschland, also said that RAG had made a listing conditional on Germany’s stock index DAX trading at 7,000 points.

 

The DAX was at 6,351 in Tuesday afternoon trading in Frankfurt, up 2.74% after several days of decline amid the turmoil on financial markets.

 

RAG CEO Wilhelm Bonse-Geuking had recently told employees RAG would not go for a “distress sale” and may restart efforts on both options next year, the paper added.

 

By: Stefan Baumgarten
+1 713 525 2653

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