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.
Citing company sources and a letter from the foundation's
management, The German newspaper Rheinische Post and WAZ Group
newspapers reported on Thursday the owners value Evonik at 14
billion euros ($18.5 billion).
This would put the value of a 10 percent IPO at 1.4 billion
The newspapers also said Evonik's owners intend to place 7
percent of their shares with institutional investors before the
About half of that stake has already been placed with funds
and insurance companies for 550 million euros, the reports said.
CVC declined to comment, while Evonik and RAG were not
immediately available for comment.