MOVES: Werner Muller to head Evonik-owner RAG-Stiftung

02 November 2012 17:46  [Source: ICIS news]

LONDON (ICIS)--Werner Muller has been elected chairman of RAG-Stiftung, the majority owner of Germany-based specialty chemicals major Evonik, effective 1 December, RAG said on Friday.

Muller, a former Evonik CEO and former German economics minister, succeeds Wilhelm Bonse-Geuking at RAG.

As chairman, Muller will oversee the timing and conditions of Evonik’s eventual initial public offering (IPO).

RAG is a coal foundation under German law. Its 74.99% stake in Evonik is its main asset. Evonik is to be sold in an IPO, with proceeds to cover environmental and other costs related to the closure of German coal mines.

In June, RAG ended preparations for Evonik's IPO because of uncertain capital market conditions. The move marked the second time it halted the IPO. In 2008, RAG ended IPO preparations and instead sold a 25.01% stake to private equity firm CVC.

By: Stefan Baumgarten
+1 713 525 2653

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