RAG Foundation, Evonik's largest shareholder, said it could sell its entire stake in the German chemicals manufacturer. The foundation currently owns around 43% of Evonik and has previously stated that it intended to reduce its holding to a 25.1% blocking minority, a stake large enough to block certain corporate decisions. Any additional sale, including a complete divestment, would require approval from the foundation's board of trustees. The board is dominated by politicians and trade union representatives, while competitor BASF has recently sought to take over Evonik.