Germany's RAG Foundation could sell entire Evonik stake

By Reuters News

- 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.

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