Reuters: Private Equity: UPDATE 1-Evonik to press on with IPO before summer

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UPDATE 1-Evonik to press on with IPO before summer May 25th 2012, 06:04 Fri May 25, 2012 2:04am EDT * Shares to be listed in Frankfurt * First trading day expected before summer break * RAG foundation, CVC to sell shares FRANKFURT, May 25 (Reuters) - The owners of Evonik on Friday confirmed they plan to list the shares of the specialty chemicals company on the Frankfurt stock exchange, in what will likely be one of the largest German share offerings this summer. Evonik is pressing ahead after earlier in the week signalling it may delay the offering amid euro zone market turbulence. Evonik's owners, the RAG foundation and private equity firm CVC, said the first trading day is expected to be before the summer break. RAG owns a 75 percent stake while CVC owns 25 percent. Wilhelm Bonse-Geuking, Chairman of the Executive Board of RAG foundation, said: "The company is extremely well prepared for the planned stock exchange listing." Steve Koltes, Managing Partner of CVC Capital Partners, added: "The planned IPO is the logical next step." Deutsche Bank and Goldman Sachs are Joint Global Coordinators and Joint Bookrunners for the planned IPO. BofA Merrill Lynch, Credit Suisse and J.P. Morgan are mandated as additional Joint Bookrunners. The IPO advisor for RAG-Stiftung, CVC and Evonik is Lilja & Co. In April last year, the RAG foundation said it was preparing for a 1 billion euro ($1.31 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 had aimed to raise up to 5 billion euros, valuing the chemicals group at around 15 billion euros, sources close to the deal had told Reuters. Evonik shares could be listed on June 25, the sources said. Link this Share this Digg this Email Reprints

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