CVC buys 25.01% stake in Evonik for €2.4bn

03 June 2008 22:35  [Source: ICIS news]

TORONTO (ICIS news)--Private equity firm CVC Capital Partners has bought a 25.01% stake in Germany’s Evonik Industries for about €2.4bn ($3.75bn), Evonik owner RAG-Stiftung said on Tuesday, confirming earlier newspaper reports that a deal had been reached.

 

Evonik Industries includes the former Degussa specialty chemicals business.

 

RAG-Stiftung also said it agreed with CVC to list Evonik Industries on the stock exchange over the mid-term.

 

CVC had offered a good price, the company had comprehensive expertise in the chemical industry and it was experienced in listing firms in its portfolio on the stock exchange, RAG chief executive Wilhelm Bonse-Geuking said in a brief statement.

 

To discuss issues facing the chemical industry go to ICIS connect

 

($1 = €0.64)

By: Stefan Baumgarten
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly