Michael Vassiliadis, the chief of the IG BCE union, has categorically ruled out pursuing or taking on any future leadership role within the RAG Foundation. While there had recently been speculation in circles surrounding the chemical giant Evonik and the Foundation that the union leader might aim for a top management position at the major shareholder, Vassiliadis firmly stated he has no such ambitions.
Meanwhile, he maintains his critical stance regarding the role of the RAG Foundation. The Foundation holds approximately 44 percent of Evonik and uses the income from its assets to finance the long-term obligations resulting from hard coal mining. Vassiliadis pointed out that although the Foundation utilizes Evonik’s dividends to manage these “eternity burdens,” it has hitherto shown no commitment to actively investing in its most significant stake. “This is far too little for us,” he stated.
Vassiliadis also provided clarification concerning controversial remarks he had made in the Rheinische Post about alleged “financing issues” at Evonik. He clarified that he was not suggesting the company faced difficulties securing funding from banks or the capital market. Instead, he drew a comparison to a potential BASF deal where Evonik would continue to operate under the Foundation’s ownership as a key shareholder. He added that the misunderstanding related to these comments has since been resolved with Evonik.
Regarding a potential merger with BASF, Vassiliadis noted that there are still many unresolved matters currently receiving little discussion, such as securing existing sites and defining the future of the workforce. He stressed that, for the union, simply having a larger BASF is not enough.
Although Vassiliadis currently sits on the BASF Supervisory Board, he informed sources that he does not participate in discussions concerning Evonik if they are raised within BASF. He stated that he does not receive background documentation and is purposefully kept away from the details of the possible merger deal.
