Germany's RAG Foundation could sell entire Evonik stake

By Reuters News

FRANKFURT, Sept 30 (Reuters) - RAG ​Foundation, the largest shareholder in Evonik EVKn.DE, could sell its entire stake in the German chemicals manufacturer, it said on Wednesday.

  • RAG currently holds around 43% of the shares in Evonik, and in the past, has stated its intention to reduce its holding to a blocking minority of 25.1%.

  • Competitor BASF has recently sought to take over Evonik.

  • “Under the foundation's statutes, a complete disposal of Evonik is possible,” the Essen-based foundation said on Wednesday in response to a query from Reuters.

  • With the approval of the foundation's board of trustees, it would be possible to sell additional shares, up to and including a complete divestment, it said.

  • The board of trustees is dominated by politicians and trade union representatives.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.