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People & Business :: Earnings/Finance

Report: German trust to cut stake in Evonik

10:54 AM MDT | June 4, 2014 | Lindsay Frost

The RAG Foundation (Frankfurt), a public-sector trust, says it will reduce its stake in Evonik Industries to diversify its investment risks, according to Reuters reports. The foundation’s head, Wenrer Mueller, said today that RAG’s executive board has received the go-ahead from trustees to cut its stake to 60% from its current 68% stake. Reports say that, as a part of RAG's plan to reduce exposure, the foundation will issue a bond that can be swapped for shares in Evonik. RAG has not specified how it plans to reduce its stake beyond that...

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