18 June 2012 14:23 [Source: ICIS news]
LONDON (ICIS)--The majority owner of German specialty chemicals major Evonik has decided to cancel its plan to list the company in an initial public offering (IPO), it said on Monday.
RAG-Stiftung, which holds 74.99% of Evonik, said that under current uncertain capital market conditions – in particular with regard to further developments in the eurozone - it cannot achieve IPO proceeds that reflect the company's value.
RAG did not disclose financial details.
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RAG is a German coal foundation. Proceeds from Evonik’s IPO would go towards paying for environmental and other costs related to the closure of German coal mines.
RAG’s move marks the second time it has halted Evonik’s IPO. In 2008, RAG ended IPO preparations because of unfavourable capital market conditions at the time. Instead, RAG sold a 25.01% stake of Evonik to private equity firm CVC.
($1 = €0.79)
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