Reuters: Private Equity: Germany's RAG to scrap Evonik IPO plans - sources

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Germany's RAG to scrap Evonik IPO plans - sources Jun 17th 2012, 12:35 DUESSELDORF/FRANKFURT, June 17 | Sun Jun 17, 2012 8:35am EDT DUESSELDORF/FRANKFURT, June 17 (Reuters) - The owners of German chemicals firm Evonik are set to scrap plans for what could have been Europe's biggest initial public offering (IPO) in more than a year, three people familiar with the matter said. Talks with the banks leading the IPO preparations, Deutsche Bank and Goldman Sachs, have shown there are neither sufficient commitments from investors to buy shares nor is there clarity on price and volume, the people said. Sources close to the matter had told Reuters that the owners had once hoped the IPO would value Evonik at 15 billion euros ($18.9 billion), after subtracting 1 billion in net debt. RAG owns 75 percent of Evonik while private equity firm CVC owns 25 percent.

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