Business RAG-Foundation parted ways with further Evonik shares

RAG-Foundation parted ways with further Evonik shares

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Evonik

The RAG Foundation sold a package of Evonik share certificates to institutional investors.


(Photo: AP)

Dusseldorf The RAG Foundation has sold another package of its Evonik shares. The coal foundation had sold Evonik shares with a volume of 632.5 million euros to institutional investors, she said on Monday evening in Essen. This corresponds to around 5.4 percent of Evonik's share capital. The price was € 25.30 per share.

After this transaction, the RAG Foundation still holds a stake of around 58.9 percent in the Essen-based specialty chemicals group. But the proportion could continue to shrink – because the foundation still has three bonds outstanding, which it can repay in shares of the chemical company.

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 on the dividends of the group. The foundation "fully supports Evonik's strategy and wants to remain a significant shareholder in the long term," she emphasized. The proceeds from the sale of shares are to be used in investments and to refinance the foundation's liabilities.

According to CEO Christian Kullmann, Evonik itself stayed on course last year. "We will continue to deliver what we have promised for 2019," he said when asked: "We are confirming our outlook for the past financial year and, despite the difficult economic environment, expect stable EBITDA at the previous year's level." In 2018, Evonik had an adjusted operating profit of around 2.15 billion euros generated.

More: Read here why the work really starts after the coal ends.

. (tagsToTranslate) Evonik (t) RAG Foundation (t) Chemical Group (t) Foundation (t) Coal Mining (t) Sponsoring (t) Going Public (t) Coal (t) Chemical Industry

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