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Home  > Markets & companies  > Steag’s acquisition by KSBG from Evonik co...

Sunday, 22 September 2019
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Markets & companies

Steag’s acquisition by KSBG from Evonik completed

Monday, 1 September 2014

Rhine-Ruhr consortium of municipal utilities acquires the remaining 49 % of the shares from Evonik for about EUR 570 million.

Steag’s acquisition by KSBG from Evonik completed. Source: Yanik Chauvin – Fotolia.com

Steag’s acquisition by KSBG from Evonik completed. Source: Yanik Chauvin – Fotolia.com

The Rhine-Ruhr consortium of municipal utilities has signed a contract with Evonik to take over the remaining 49 % of the power utility Steag, which is headquartered in Essen. The group, which had already been in possession of 51 % of the shares, now becomes the sole owner of the power company. The closing is expected for early September.

Klaus Engel, Chairman of the Executive Board of Evonik Industries AG, explains: "With the transfer of the remaining shares to STEAG, we have now completed what we began nearly four years ago as part of our concentration on specialty chemicals". At the end of 2010, the group of municipal utilities had taken over 51 % of the shares of the power company, on the basis of a contract that had already pre-planned the complete acquisition.

"After the complete takeover, we will now continue the search for partners, with which we can continue to develop this investment" states Guntram Pehlke, Chairman of the Executive Board of Dortmunder Stadtwerke AG (Dortmund Municipal Utilities), DSW21, and Chairman of the Supervisory Board of the power utility company. The enterprise hopes to expand its generation potential, especially in the area of renewable energy in Germany and abroad, and to diversify itself more intensively in the generation mix.

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