16 September 2010 19:16 [Source: ICIS news]
TORONTO (ICIS)--RAG-Stiftung, the majority owner of Germany-based specialty chemicals major Evonik, is warning that an earlier-than-planned phase-out of the country's subsidised hard coal production could trigger its insolvency and collapse, a company spokesman said on Thursday.
The company warned of such a “worst-case scenario” in a letter to ?xml:namespace>
“An early coal phase-out would put pressure on RAG to sell off Evonik much faster, and such pressure would not be good,” Winkler added.
In its letter, RAG warned that a collapse would trigger “large-scale jobs cuts.”
Under the original plan, the phase-out is due to be completed by 2018, with a review set for 2012. However, the EU has been pressing
Michael Vassiliadis, head of
($1 = €0.77)
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