March 18, 2008 / 9:39 AM / 12 years ago

Eleven parties interested in Evonik stake -paper

FRANKFURT, March 18 (Reuters) - Eleven parties are interested in the stake in German conglomerate Evonik Industries that is up for sale, Sueddeutsche Zeitung newspaper reported on Tuesday, citing financial sources.

Private equity firms Apollo Management, Bain Capital, Blackstone Group (BX.N), Kohlberg Kravis Roberts & Co [KKR.UL], Carlyle [CYL.UL], Cerberus [CBS.UL], BC Partners, CVC, Permira [PERM.UL], TPG [TPG.UL] and One Equity Partners have requested information about the sale, the paper reported.

The RAG [RUHR.UL] foundation, the owner of Evonik, wants potential bidders to make non-binding offers for the stake by the end of the month and will then decide with which parties it plans to negotiate about a sale, Sueddeutsche said.

Evonik consists of the energy, real estate and specialty chemicals business which previously had been held by loss-making coal miner RAG. The proceeds from the sale are meant to pay for the costs for winding down RAG’s coal mining operations.

The foundation plans to sell a stake of around a quarter in Evonik.

Unidentified sources within the RAG foundation said the sale could be finalised during the European summer, the paper said.

A flotation of the stake is no longer an option for the divestment of the first tranche of Evonik, Sueddeutsche said.

Evonik said as late as yesterday that it still considered a share sale as a second option for the stake sale.

Frankfurter Allgemeine Zeitung had reported on March 5 that ten parties were interested in Evonik. (Reporting by Peter Dinkloh; Editing by Quentin Bryar)

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