FRANKFURT Feb 21 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.