Evonik’s Largest Shareholder Says Full Stake Sale Is Possible
RAG-Stiftung, Evonik’s largest shareholder, says its governing statutes would permit it to sell its entire stake in the specialty chemicals company.
The foundation currently owns approximately 43.8% of Evonik. RAG told Reuters that, with approval from its board of trustees, it could sell additional shares beyond the 25.1% blocking minority it had previously discussed retaining, including a complete disposal of its holding. (Source: Euronext)
The statement does not indicate that RAG has decided to sell its stake or agreed to support a BASF transaction.
BASF confirmed Sept. 25 that it is holding exploratory discussions with RAG-Stiftung and Evonik regarding a potential takeover. BASF said the course and outcome of those talks remain open.
PCI previously reported that Evonik described BASF’s approach as nonbinding and said no formal takeover offer or agreement had been announced.
RAG-Stiftung’s position matters to coatings manufacturers because it is the largest shareholder in a major supplier of coatings additives, resins, curing agents, silica and other specialty materials. Its willingness or unwillingness to sell could be significant to any potential BASF-Evonik transaction.
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