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Evonik sells remaining stake in energy group Steag

4:31 AM MDT | August 29, 2014 | Natasha Alperowicz

Evonik Industries today said that it has signed a contract with Rhine-Ruhr, a group of several municipal utility companies in Germany’s Ruhr region, to divest its remaining 49% stake in Steag (Essen), an energy company, for €570 million ($751.4 million). Rhine-Ruhr in 2011 bought a 51% share in Steag and said it would acquire the rest within five years.   The divestment is in line with Evonik’s strategy. “We know that Steag is in good hands with [Rhine-Ruhr]. With the transfer of the remaining shares in Steag, we have now completed...

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