Singapore government fund to take stake in Evonik – Germany media

11 March 2013 01:33  [Source: ICIS news]

LONDON (ICIS)--Singapore’s government investment fund Temasek is taking a stake in Germany-based specialty chemicals major Evonik, Germany’s business journal Wirtschaftswoche reported on Sunday.

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 Spain’s energy major Repsol. Temasek now owns 6.3% of Repsol’s shares.

Temasek could not be immediately reached for comment.

Additional reporting by Franco Capaldo and Nurluqman Suratman

($1 = €0.77)

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

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