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Viag to stagger divestments

Germany“s Viag plans to sell Gerresheimer Glas and Kloeckner & Co. this year, according to chairman Wilhelm Simson at the recent AGM. The sale resulted in a small accounting loss. Finance director Er…

Germany“s Viag plans to sell Gerresheimer Glas and Kloeckner & Co. this year, according to chairman Wilhelm Simson at the recent AGM. The sale resulted in a small accounting loss. Finance director Erhard Schipporeit admitted that the sale price was Euros 70 million under the earning capacity value published in the merger report. This was attributed to higher liabilities and reduced optimism for the future. According to a report, the planned divestment of VAW and Schmalbach-Lubeca will take place in 2001 to enable E.on AG to take advantage of tax breaks. A wide range of strategic options, including a straightforward sale, flotation and merger with a partner, are currently under consideration, the report said.

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