RAG announces complete takeover of Degussa
RAG Aktiengesellschaft, which holds a 50.1 percent interest in Degussa AG through its wholly owned subsidiary RAG Projektgesellschaft mbH (RPG), announced today that it intends to acquire all remaining shares in Degussa.
In a basic agreement, RAG and E.ON AG have apparently agreed on the divestment of the 42.86 percent of Degussa's capital stock held by E.ON to RPG effective July 1, 2006. According to the notification from RAG, the contracts to be concluded with E.ON will be subject to the proviso, inter alia, that approval is obtained from the Federal Republic of Germany and the Federal State of North Rhine-Westphalia.
At the same time, RAG intends to make a voluntary public offer to all other Degussa shareholders via its subsidiary RPG to acquire their shares at a price of EUR 42 per share. E.ON will not tender its shares in Degussa as part of the planned public tender offer by RPG.
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