RAG initiates squeeze-out procedure
RAG Projektgesellschaft mbH, Essen, notified Degussa AG, Dusseldorf, that directly and indirectly it holds shares amounting to more than 95 percent of the company's capital stock and has formally requested the Board of Management of Degussa AG pursuant to Section 327a of the German Stock Corporation Act (AktG) to initiate a process to transfer the shares held by the remaining shareholders (minority shareholders) of Degussa AG to the majority shareholder, RAG Projektgesellschaft mbH, pursuant to Sections 327a et seq AktG in return for an appropriate cash settlement (squeeze-out).
The plan is for the resolution on the squeeze-out to be passed at the Annual Shareholders' Meeting of Degussa AG on May 29, 2006. Further, it is intended that a control and profit-and-loss transfer agreement with RAG Projektgesellschaft mbH will be submitted to the Annual Shareholders' Meeting for approval.
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