12 June 2008 00:14 [Source: ICIS news]
TORONTO (ICIS news)--RAG-Stiftung may sell another stake in Evonik Industries to an individual investor rather than to the public, German daily Sudeutsche Zeitung reported on Wednesday, citing Evonik CEO Werner Muller.
RAG-Stiftung earlier this month sold a 25.01% stake in Evonik, which includes the Degussa specialty chemicals business, to investment company CVC Capital Partners for €2.4bn ($3.75bn). At the time it affirmed plans go public by 2013.
But while RAG’s articles of association laid down that 75% of Evonik should be broadly owned by 2018, selling another stake to an individual investor remained a possibility, Muller told the paper in a detailed interview.
“If there is positive momentum on the stock exchange, then this would be an opportunity that should be used,” he was quoted as saying.
“However, it could also be that … investors will again offer us prices we could not achieve on the stock exchange,” he said.
Muller did not expect such a sale to take place within the next two years, he said.
Despite the stipulations in its articles, RAG also had an obligation to generate as much capital a positive.
RAG, a government foundation, is charged with winding up ?xml:namespace>
To comment on issues facing the global chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections