23 March 2012 14:26 [Source: ICIS news]
RAG, a German coal foundation, holds the majority of Evonik. Proceeds from Evonik’s IPO will go towards paying for environmental and other costs related to the closure of coal mines in North Rhine-Westphalia state.
In 2008, RAG suspended plans for Evonik’s IPO because of unfavourable capital market conditions. Instead, RAG sold a 25.01% stake of Evonik to private equity firm CVC.
Meanwhile, RAG's supervisory board extended the contracts of RAG’s executive board, including that of CEO Wilhelm Bonse-Geuking, by one year to July 2013.
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