Reuters: Private Equity: UPDATE 1-Evonik owner says may have to reconsider IPO timing

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UPDATE 1-Evonik owner says may have to reconsider IPO timing May 21st 2012, 17:10 Mon May 21, 2012 1:10pm EDT * Evonik owner RAG Foundation committed to IPO * RAG Foundation says monitoring risks to IPO * Evonik IPO timetable may need to be adjusted FRANKFURT, May 21 (Reuters) - German chemicals and real estate conglomerate Evonik may delay a possible initial public offering, its majority owner signalled, as the euro zone crisis continues to deter large stock flotations in Europe. "We may have to review the timetable," Wilhelm Bonse-Geuking, head of the RAG foundation, which owns a 75 percent stake in Evonik, said on Monday. The RAG Foundation, which has never officially committed to a formal timetable for floating Evonik, said it remained committed to a flotation, and was monitoring markets carefully. Sources had told Reuters the RAG Foundation would publish an intention to float on Friday if it decided to go ahead with an IPO. The shares could then be listed on June 25. RAG will continue to monitor possible "risks" to an IPO, Bonse-Geuking said, without elaborating further. Germany's blue-chip DAX has fallen by more than 6 percent since the beginning of May, as political stalemate after elections in Greece put at risk that country's future in the euro zone. Earlier this month sources told Reuters that German industrial group Rheinmetall would wait for the results of a second set of Greek elections before making a final decision on whether to float its auto parts division KSPG. Link this Share this Digg this Email Reprints

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