Evonik: Internal letter: Union increases pressure on RAG-Stiftung in Evonik poker

Dusseldorf. The IG BCE union is increasing the pressure on the RAG Foundation in the debate about a possible takeover of Evonik by BASF. In an internal letter to the works councils of BASF and Evonik, union leader Michael Vassiliadis questions how a complete sale of the Evonik package would fit in with the foundation's previous line.

The letter dated October 7th is available to the Handelsblatt. It is also signed by IG-BCE board member Alexander Bercht, who is deputy head of the Evonik supervisory board. It comes in keeping with an extraordinary meeting of the RAG Foundation's Board of Trustees called for this Friday.

This is Evonik's main shareholder with 44 percent of the shares and therefore plays a key role in the poker around the group. Competitor BASF has made a takeover offer for the Essen-based chemical company.

The board of trustees will discuss this initiative on Friday, the foundation confirmed. But there will be no decision yet, said one person involved.

The situation is delicate, write Vassiliadis and Bercht in their letter to the works councils. In both workforces, employees were concerned about their jobs. After years of restructuring and cost programs, the question is once again what the next step means for the locations. “That’s why there can’t be any quick fixes now.”