Reuters: Private Equity: Evonik IPO possible in first half of 2012 - owner

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Evonik IPO possible in first half of 2012 - owner Mar 23rd 2012, 13:32 FRANKFURT, March 23 | Fri Mar 23, 2012 9:32am EDT FRANKFURT, March 23 (Reuters) - German industrial conglomerate Evonik may list on the stock exchange in the first half of 2012, its owner said on Friday. The RAG Foundation, which owns a 75 percent stake, on Friday, said it had authorised the board to resume IPO preparations and a decision on the stock offering will be made after talks with 25-percent owner CVC and Evonik's board. The foundation hopes to sell shares worth more than 1 billion euros ($1.3 billion) in a transaction that is to value the company at 15 billion euros, people with knowledge of the matter have told Reuters. RAG Foundation's executive committee, the so-called board of trustees, plans to decide finally on May 23 whether to go ahead with the listing in the short term or not, they had said. Last year, the RAG foundation had begun IPO preparations but put the plans on ice in September in view of the weak financial markets prevailing at that time. Companies like Advent's H.C. Starck and Siemens's Osram also postponed their listing due to jittery markets. Risk appetite has returned to a certain extent and investors have been rushing to buy shares of Switzerland's DKSH, which helps companies market and distribute goods in Asia, and of Dutch cable company Ziggo. ($1 = 0.7579 euros) (Reporting by Tom Kaeckenhoff; Writing by Arno Schuetze) Link this Share this Digg this Email Reprints

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