Reuters: Private Equity: Flotation of Germany's Evonik put on ice

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Flotation of Germany's Evonik put on ice Jun 18th 2012, 12:14 DUESSELDORF, Germany, June 18 | Mon Jun 18, 2012 8:14am EDT DUESSELDORF, Germany, June 18 (Reuters) - The owners of German chemical company Evonik scrapped plans on Monday for what could have been Europe's biggest initial public offering (IPO) in more than a year. "Many big investors indicated their willingness to invest in Evonik in talks last week, but due to the high level of uncertainty in the markets, especially over the further development of the euro zone, the price that could be reached is far from a sufficient valuation of Evonik," the RAG Foundation said in a statement. Sources had told Reuters on Sunday already that RAG's board of trustees was set to decide against an IPO after a meeting with bankers on Friday showed insufficient commitments to the IPO from investors.

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