Germany's state-backed trust RAG Foundation wants to cut its majority stake in specialty chemicals and plastics maker Evonik Industries to about a quarter.

Reuters, citing a report by German news daily Rheinischen Post, quoted RAG chief Werner Mueller as saying that RAG will sooner or later sell its shares in Evonik. RAG aims to reduce its stake in the German manufacturer to over 25% in the long term, Mueller reportedly said.

RAG currently holds about two thirds of Evonik. Evonik is Germany's second-largest chemicals maker after BASF SE, the report said. RAG originated from former Evonik parent company Ruhrkohl AG. It is a public sector trust charged with managing the liabilities arising from Germany's abandoned coal mines, Reuters said.

British private equity firm CVC Capital Partners holds a 17.9% stake in Evonik. The German specialty chemicals and plastics manufacturer made its stock market debut in April of this year, the report said.

According to Reuters, RAG needs €18 million to €19 million in total to fund the maintenance of old coal mines in the next few years. RAG also intendes to invest more of its capital in mid-sized companies, the report added.