Momentive Performance Materials Withdraws Plans for IPO

Momentive Performance Materials Holdings in a Friday filing with the SEC said it is withdrawing plans for an initial public offering (IPO). Momentive said that “the company decided not to proceed with the offering at this time,” without giving specific reasons. Industry sources say that poor market conditions are the likely reason. Momentive in April 2011 said it planned to raise an estimated $862.5 million through an IPO. The company intended to use the proceeds for general corporate purposes.   Momentive, which produces thermosetting resins...

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