Evonik to lessen power and real-estate holdings, focuses on chemicals

12/17/2009 | Bloomberg · Reuters

Evonik Industries said it plans to unload its shares in its real estate unit and team up with another company for its energy business as it attempts to become a "leading global specialty chemicals company." The German company, which derives 75% of its sales from chemicals, is hoping the moves will give it a higher credit rating and pave the way for a "discount in a possible IPO," a credit analyst said.

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