Evonik IPO Shelved for the Third Time

The owners of Evonik Industries have postponed indefinitely plans for an initial public offering (IPO) for the company. Majority shareholder RAG Foundation (Essen, Germany) cites volatility in financial markets caused by the eurozone debt crisis. The company had said as recently as last month that it intended to launch the Evonik IPO before the summer break. RAG Foundation holds 74.99% of Evonik and private equity firm CVC Capital Partners has 25.01%. It is the third time that the owners have suspended plans to float Evonik shares on the Frankfurt stock exchange...

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