MOSCOW (MRC) -- Evonik Industries has divested its remaining 10.3% stake in the residential real estate company Vivawest GmbH to RAG Aktiengesellschaft, said the company in the press release.
This raises RAG's stake in the largest residential real estate company in the federal state of North Rhine-Westphalia from 7.9 percent to 18.2 percent. Evonik has therefore completely divested its real estate interests in order to focus on specialty chemicals. The transaction was closed on June 29, 2015.
Vivawest GmbH now has a stable ownership structure with four shareholders. The largest shareholder is RAG-Stiftung with a stake of 30.0%. The German Mining, Chemical and Energy Industrial Union (IG BCE) holds 26.8%. Evonik Pensionstreuhand e.V., a contractual trust arrangement to secure the company pensions of Evonik employees, has a stake of 25.0%. The fourth shareholder is RAG Aktiengesellschaft (18.2%).
"The divestment of our remaining shares in Vivawest is the final step in becoming a pure specialty chemicals company. In RAG we have found a trusted investor with a long-term investment horizon for our stake. Vivawest can therefore successfully pursue its route in sustainable real estate management," said Klaus Engel, Chairman of the Executive Board of Evonik Industries.
Bernd Tonjes, Chairman of the Executive Board of RAG Aktiengesellschaft, commented: "RAG has important obligations to meet up to and beyond the complete cessation of hard coal mining in Germany. For that we need a sound financial basis with profitable financial investments that offer long-term security. This is insured by the participation in Vivawest GmbH."
Vivawest’s managing directors Claudia Goldenbeld and Ralf Giessen welcome RAG Aktiengesellschaft's acquisition of Evonik Industries' remaining stake in Vivawest as being in the company's interests. They comment that it underpins the group's present stable ownership structure and thus its sustainable business model.
As MRC informed earlier, in the early June, Evonik Industries completed the acquisition of Monarch Catalyst (Dombivli, India). Evonik announced plans to acquire Monarch Catalyst in March, subject to certain closing conditions.
Evonik, the creative industrial group from Germany, is one of the world leaders in specialty chemicals. Its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. Evonik benefits specifically from its innovative prowess and integrated technology platforms. Evonik is active in over 100 countries around the world.
MRC