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UPDATE 1-Evonik owners prepare to float 10 pct stake in April -sources
February 21, 2013 / 8:51 PM / 5 years ago

UPDATE 1-Evonik owners prepare to float 10 pct stake in April -sources

FRANKFURT, Feb 21 (Reuters) - The owners of German chemical company Evonik are preparing to float 10 percent of their shares by the end of April, two persons familiar with the owners’ thinking said on Thursday.

The RAG Foundation, a state-owned trust that will bear the liabilities of Germany’s wound-down coal mines, owns 75 percent of Evonik, while private equity firm CVC Capital Partners holds the rest.

Evonik makes battery chemicals, animal feed additives, acrylic glass and super-absorbents for diapers.

Last year RAG and CVC scrapped plans for an initial public offering (IPO) of 30 percent of the shares.

The owners value Evonik at 14 billion euros ($18.5 billion), which would put the value of a 10 percent IPO at 1.4 billion euros, the two persons said.

They added that Evonik’s owners intend to place 7 percent of their shares with institutional investors before the IPO. About half of that stake has already been placed with funds and insurance companies for 550 million euros, the persons said.

CVC declined to comment, while Evonik and RAG were not immediately available for comment.

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