IHS Chemical Week

Evonik exits Steag

12:43 PM MDT | August 29, 2014

Evonik Industries today said that it signed a contract with Rhine-Ruhr, a grouping 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 a period of five years. The divestment is in line with Evonik’s strategy of concentrating on specialty...

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