Entertainment RAG Foundation allegedly enters bidding races

RAG Foundation allegedly enters bidding races

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Elevator at Thyssen-Krupp headquarters

The Management Board intends to use the sales proceeds to invest in the steel and materials business with its interim boss Martina Merz.


(Photo: Reuters)

Düsseldorf, Frankfurt According to media reports, the Essen-based RAG Foundation is entering the race for the elevator division of Thyssen-Krupp. The foundation supports the consortium around the financial investors Cinven and Advent, reported the "Westdeutsche Allgemeine Zeitung" and the news agency Reuters on Wednesday, citing corporate circles.

The Thyssen-Krupp Supervisory Board discussed the offers for the division on Wednesday. Initially, no comment was received from the RAG. Thyssen-Krupp declined to comment. It will be decided in the first quarter of the year whether there will be an IPO, a partial or a full sale.

According to financial circles, the offers should be in the order of around 15 billion euros. With the sales proceeds, the board wants to invest in the steel and materials business with his interim boss Martina Merz and make areas such as plant construction fit for sales. Once the plan has been implemented, Thyssen-Krupp will be reduced to the steel business, trade and a few marginal areas.

On Monday evening, the RAG Foundation had parted with another package of its Evonik shares. The Coal Foundation sold 632.5 million euros in share certificates to institutional investors. After this transaction, the RAG Foundation still holds a stake of around 58.9 percent in the Essen-based specialty chemicals group.

The RAG Foundation, founded in 2007, is intended to cover the follow-up costs of German coal mining with its assets. Among other things, it draws on its stake in Evonik – and the dividends of the group. The proceeds from the sale of shares should be used in investments and to refinance the Foundation's liabilities.

graphic

More: The deadline for the sale of the elevator division ends. The consortia have until Wednesday to submit their first offers. For the group, everything is about.

. (tagsToTranslate) Thyssen-Krupp (t) Elevators (t) Sales (t) RAG Foundation (t) Industry (t) Evonik (t) Cinven (t) Advent (t) Foundation (t) Mergers & Acquisitions M & A ( t) Management Board and Supervisory Board (t) RAG Foundation (t) Cinven Group (t) RAG (t) Metal and Steel Industry (t) Primary Iron & Steel (t) Coal

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