The Association of Taxpayers (BdSt) is issuing a strong warning against the state of North Rhine-Westphalia (NRW) acquiring an interest in the chemical company Evonik. Rik Steinheuer, the NRW head of the BdSt, told the “Rheinische Post” (Saturday edition) that while concerns over job security at Evonik are justified, government entry into the company-aimed at blocking a takeover by BASF-would expose taxpayers to uncalculatable risks without actually guaranteeing the jobs themselves.
Steinheuer further stated that the long-term security of chemical jobs in North Rhine-Westphalia depends solely on viable competitive conditions and functional business models, whether the company operates independently or under the BASF umbrella. This statement comes as the SPD party has demanded state intervention in Evonik following BASF’s takeover bid.
Steinheuer also cautioned against a proposed exchange of Evonik and BASF shares involving the RAG foundation. He stressed that the reliable securing of the perpetual liabilities associated with mining must be the determining criterion for the RAG foundation. He argued that a simple share swap would merely perpetuate the risk of concentration inherent in holding a large stake in the volatile chemical industry. Instead, he advocated for a broader diversification of the foundation’s investments. The RAG foundation currently holds a 43 percent stake in Evonik shares.
