DUSSELDORF, Germany, Jan 22 (Reuters) - Germany’s RAG foundation has not backed off its plans to float conglomerate Evonik [RUHR.UL] on the stock exchange amid the global financial crisis, the foundation’s head Wilhelm Bonse-Geuking said.
“But we are not under pressure,” he said in comments made Wednesday evening. “The foundation has time.”
RAG foundation in 2008 sold a 25.01 percent stake in Evonik to UK financial investor CVC [CVC.UL] for about 2.4 billion euros ($3.12 billion) and said it aimed to launch an initial public offering of Evonik’s shares by 2013 at the latest.
The chemical, energy and real estate conglomerate would likely qualify for inclusion in the German blue-chip DAX index .GDAXI.
Proceeds of the IPO would be used to finance the winding down of the company’s coal-mining operations as Evonik transfers responsibility for its coal mining activities to the German government. Germany’s eight remaining coal mines will be closed by 2018.
Reporting by Matthias Inverardi, writing by Maria Sheahan