RAG in €615 Million Public Tender Offer for Degussa Shares

December 19, 2005

Cleary Gottlieb is representing Morgan Stanley as financial advisor to RAG in its public cash tender offer to acquire the remaining free float of 7 percent of Degussa shares, worth approximately €615 million. The offer is part of RAG’s contemplated full takeover of Degussa, including the acquisition of E.ON’s 43 percent interest in Degussa.

RAG is an industrial group active on the chemicals, energy, mining, and real estate chemicals sector. Degussa is a manufacturer of special chemicals.