RAG Confirms IPO, Thwarting Lanxess Bid for Degussa

RAG (Essen, Germany), the parent of Degussa, has made a final decision to proceed with a previously announced initial public offering (IPO) in spring 2008. Degussa, together with RAG’s energy and real estate assets, will be floated. The decision effectively ends Lanxess’s interest in acquiring Degussa (CW, May 16, p. 10). Heitmann: ‘We respect decision.’ RAG confirmed the IPO after reaching agreement with the German government last week on the company’s previously announced exit from its other business, coal mining. Proceeds from the...

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