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No Evonik flotation in next few months - sources
February 28, 2012 / 2:10 PM / 6 years ago

No Evonik flotation in next few months - sources

FRANKFURT, Feb 28 (Reuters) - German chemicals maker Evonik will postpone a planned initial public offering at least through the end of May due to jittery markets, sources familiar with the situation told Reuters on Tuesday.

“There won’t be an IPO before Easter and there won’t be one in May,” said one of the sources.

However, a decision on a possible flotation in the summer could be expected from the end of March, the sources said.

In April, Evonik’s majority owner, the RAG foundation, said it was preparing for a 1 billion euro ($1.34 billion) IPO within 15 months but put the plans on ice in September in view of the weak financial markets prevailing at that time.

Evonik, the RAG foundation and co-owner CVC declined to comment. ($1 = 0.7466 euros) (Reporting by Matthias Inverardi and Alexander Huebner; Writing by Jonathan Gould)

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