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.


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($1 = €0.64)

By: Stefan Baumgarten
+1 713 525 2653

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