RAG to resume IPO preparations for specialty chemicals major Evonik

23 March 2012 14:26  [Source: ICIS news]

LONDON (ICIS)--Germany-based RAG-Stiftung plans to resume work on preparing specialty chemicals major Evonik for an initial public offering (IPO), it said on Friday.

RAG indicated that Evonik’s IPO could happen as early as the first half of 2012. A final decision on the IPO would be taken next month, it added.

RAG, a German coal foundation, holds the majority of Evonik. Proceeds from Evonik’s IPO will go towards paying for environmental and other costs related to the closure of coal mines in North Rhine-Westphalia state.

In 2008, RAG suspended plans for Evonik’s IPO because of unfavourable capital market conditions. Instead, RAG sold a 25.01% stake of Evonik to private equity firm CVC.

Meanwhile, RAG's supervisory board extended the contracts of RAG’s executive board, including that of CEO Wilhelm Bonse-Geuking, by one year to July 2013.

By: Stefan Baumgarten
+1 713 525 2653

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