BASF offer: Takeover poker for Evonik is not over - three scenarios are possible
Evonik rejects an initial offer from BASF. However, the position of the RAG foundation remains decisive. Politics and trade unions are heavily involved, and conflicts of interest are lurking.
The RAG Foundation, a German private foundation, is set to decide on the future of Evonik, the country's second-largest chemical company, after Evonik's management rejected a takeover offer from rival BASF. The foundation, which holds a 44% stake in Evonik, has not yet taken a clear stance on the matter, with various interests and obligations at play.
RAG Foundation's chairman Bernd Tönjes is committed to the foundation's well-being, which relies on Evonik's dividend to fund legacy costs of coal mining, and also to Evonik's well-being as its supervisory board chairman. The foundation has a 16.5 billion euro endowment and aims to maintain a 25.1% minority stake in Evonik.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
