German chemicals group Evonik eyes share sale
Evonik Industries, a German maker of speciality chemicals, said Friday it is resuming preparations for a planned stock exchange listing, postponed last year due to market uncertainty.
"Evonik Industries is resuming its preparations for its planned listing in the prime standard segment of the Frankfurt stock exchange," Evonik and its owners RAG foundation and CVC Partners said in a joint statement.
"The move is prompted by the improved capital market environment as well as investors' growing interest in the shares of successful companies," the statement said.
As part of the preparations, RAG and funds advised by CVC partners had placed part of their shares with institutional investors in advance, Evonik said.
"Both owners have disposed of an equal amount of shares representing less than 10 percent of the company in a private placement," it said.
Last June, Evonik and RAG had dropped plans for an initial public offering (IPO) due to the very high level of uncertainty on the markets, arguing that the price attained would not have been an appropriate valuation of the company.
It was to have been one of the biggest German stock market listings of recent years.
The group makes chemicals for the health and nutrition sectors, materials, coatings and additives and polymers, and has annual sales of some 14.5 billion euros ($19.1 billion).
© 2013 AFP