CVC favoured to win €2.2bn Evonik stake - reports

03 June 2008 15:20  [Source: ICIS news]

TORONTO (ICIS news)--Private equity firm CVC Capital has bid €2.2bn ($3.4bn) for a 25.1% stake in Germany’s Evonik, which includes the former Degussa specialty chemicals business, to beat out rival bids, two German dailies reported on Tuesday, citing unidentified sources close to the deal.

 

Evonik owner RAG-Stiftung was expected to make a final decision later this month, Handelsblatt and Frankfurter Allgemeine Zeitung reported.

 

The companies were not available for immediate comment.

 

CVC’s bid would value Evonik’s equity at €8.8bn, much higher than a valuation by an independent auditor early last year.

 

Its offer beat those by rivals Bain, Blackstone and KKR, the papers said. 

 

According to Handelsblatt, Blackstone’s bid had been opposed by workers’ representatives on Evonik’s supervisory board.

 

RAG told ICIS news earlier it would postpone a planned initial public offering (IPO) for a stake in Evonik until further notice, due to difficult capital market conditions.

 

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($1 = €0.64)


By: Stefan Baumgarten
+1 713 525 2653



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