11 March 2013 01:33 [Source: ICIS news]
Evonik owners RAG-Stiftung and CVC had agreed to sell a stake of just below 5%, for about €600m ($779m), to Temasek, Wirtschaftswoche said on its website, citing unnamed RAG sources. RAG media officials were not immediately available for comment on Sunday.
Last month, RAG and CVC said that they placed a stake of less than 10% of Evonik with selected German and international investors as they are reviving preparations to publicly list Evonik.
RAG is a German coal foundation. Proceeds from Evonik’s IPO will go towards paying for environmental and other costs related to the closure of German coal mines. In 2008, RAG had sold a 25.01% stake in Evonik to private equity firm CVC.
Temasek earlier this month paid €1bn for an additional 5% stake in
Temasek could not be immediately reached for comment.
Additional reporting by Franco Capaldo and Nurluqman Suratman
($1 = €0.77)
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