RAG-Stiftung postpones planned Evonik IPO

01 April 2008 15:47  [Source: ICIS news]

TORONTO (ICIS news)--RAG-Stiftung has decided to postpone the planned initial public offering (IPO) of a stake in Evonik Industries, which includes the former Degussa specialty chemicals business, due to poor capital market conditions, a spokesman said on Tuesday.

 

RAG’s main objective was to list the Evonik stake at a good price rather than selling it under value at this time, spokesman Klaus-Henning Groth told ICIS news.

 

The IPO plans could be quickly revived if and when capital markets improved, he said without providing firm timelines.

 

In the meantime, RAG was prioritising its talks with potential financial investors to buy a stake in Evonik, he said.

 

Groth would not name the interested investors RAG is negotiating with and would not say how much money it hoped to receive for a stake.

By: Stefan Baumgarten
+1 713 525 2653

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