CVC Capital, RAG Plan Evonik IPO by 2013

CVC Capital Partners (London) and RAG (Essen, Germany) say they plan to launch an initial public offering (IPO) of Evonik Industries in the “medium term.” The IPO will be launched between 2010 and 2013, according to news coverage of a press conference held by CVC and RAG today in Germany. CVC confirmed yesterday that it will acquire a 25% stake in Evonik for approximately €2.4 billion ($3.7 billion), pending antitrust approval. CVC beat out competing bids from Bain Capital, Blackstone Group, and Kohlberg Kravis Roberts. “There were several...

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