Singapore's Temasek to buy stake in Germany's Evonik: sources
BERLIN (Reuters) - Singapore state investor Temasek Holdings TEM.UL will take a stake in Evonik Industries RAGES.UL, two sources close to one of the German company's owners told Reuters.
Temasek will spend more than 600 million euros ($779 million) for 5 percent of the Essen-based chemicals company, which is preparing for a stock market share listing, the sources said on condition that they not be identified.
German magazine Wirtschaftswoche reported on Saturday that Temasek and Evonik had agreed the sale.
A spokesman for Temasek declined to confirm the deal.
The RAG trust, which owns 75 percent of Evonik, and buyout firm CVC Capital Partners CVC.UL, owner of the rest, said last month that they had placed a small stake with institutional investors as a prelude to an initial public offering (IPO).
Sources close to the matter said that the listing could value the company at 14 billion euros. Stock market trading of Evonik shares is planned for late April.
Evonik, RAG and CVC all declined to comment on whether a sale to Temasek had been agreed. ($1 = 0.7703 euros)
(Reporting by Matthias Inverardi, Alexander Huebner and John O'Callaghan.; Writing by Andreas Cremer; Editing by Ruth Pitchford and David Goodman)