- Shares transferred to ArcelorMittal
- Purchase price of around €367 million has been paid
Evonik Industries AG, Essen, Germany, has sold its 76.88 percent indirect stake in Saar Ferngas AG, Saarbrücken, Germany, to the ArcelorMittal Group of Luxembourg for around €367 million. Following approval by the relevant bodies and the European antitrust authorities, the transaction was closed on November 26, 2007 and the shares were transferred to ArcelorMittal.
“Following the divestment of the gas distribution activities, our Energy business area’s portfolio is focused on generating power from hard coal and renewable resources. In this business area we can now concentrate fully on growth markets. Our goal is to ensure efficient use of energy by minimizing the use of natural resources,” stressed Dr. Werner Müller, Chairman of Evonik´s Management Board.
Saar Ferngas AG is the largest gas distribution company in Saarland and Rhineland-Palatinate. E.ON AG holds 20 percent of the shares in Saar Ferngas and various municipalities hold a further 3.12 percent. The company, which has approximately 150 employees, supplies natural gas to municipal utilities, industrial facilities and power stations.
ArcelorMittal is the world’s largest steel corporation with 330,000 employees in more than 60 countries. It brings together the world’s top two steel companies, Arcelor and Mittal Steel. ArcelorMittal is listed on the stock exchanges in New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL) and Luxembourg (MT) and the Spanish stock exchanges in Barcelona, Bilbao, Madrid and Valencia (MTS).
Evonik Industries is the creative industrial group from Germany which operates in three business areas: Chemicals, Energy and Real Estate. Evonik is a global leader in specialty chemicals, an expert in power generation from hard coal and renewable energies, and one of the largest private residential real estate companies in Germany. Our strengths are creativity, specialization, continuous self-renewal, and reliability. Evonik is active in over 100 countries around the world. In its fiscal year 2006 more than 43,000 employees generated sales of about Euro 14.8 billion and an operating profit (EBIT) of over Euro 1.2 billion.
In so far as forecasts or expectations are expressed in this press release or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. Neither Evonik Industries AG nor its group companies assume an obligation to update the forecasts, expectations or statements contained in this release.