UPDATE 2-Candover expects to pass 2009 covenant tests

* Candover expects to keep within covenants in 2009

* Shares down 21 pct by 1225 GMT

* Eurazeo not interested in acquiring firm -source

(Adds analyst comment, detail)

LONDON, June 2 (Reuters) - Listed private equity vehicle Candover Investments Plc (CDI.L) expects to stay within its financial covenants in 2009, the company said on Tuesday.

Shares in the firm fell by as much as 30 percent following a Financial Times article saying it faces a "key test" of its covenants at the end of June and that potential bidder Eurazeo (EURA.PA) was no longer interested in buying it.

The shares were down 21.23 percent at 180 pence a share by 1225 GMT, off an earlier low of 154.25p.

"Candover is compliant with its covenants and expects to be so throughout 2009. To the extent that anything changed on that front we have to inform the market with immediate effect," the group said in an emailed statement.

Candover Investments is the listed parent to Candover Partners and is a cornerstone investor in its funds.

Candover is in the process of selling Wood Mackenzie, a research and consultancy firm specialising in oil, gas, coal, metals and mining, with bids from the four remaining private equity suitors due on Tuesday. [ID: nLS953378]

If it succeeds in selling one or two of its assets, the company should meet its covenant tests, Iain Scouller, analyst at Oriel Securities said.

"They are going to get a lot of cash in, and the cash will give them headroom in terms of their bond covenant," said Scouller.

Candover and investment partner Cinven are also in the process of selling a minority stake in German publisher Springer Science and Business Media [SPSBM.UL]. [ID:nLJ671052]

FUTURE UNCERTAIN

Despite these sales, the future of Candover, once one of Europe's biggest private equity houses, remains in doubt after a string of its investments plunged in value and it said its 2008 fund would suspend new investments.