Investor may get further stake in Evonik - press

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 Germany's coal mining industry. It will use the proceeds from the sale of Evonik to cover future liabilities from closed mines.

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By: Stefan Baumgarten
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