CVC Wins Bidding War for Evonik Stake; IPO Planned by 2013

Private equity firm CVC Capital Partners (London) says it has agreed to acquire a 25% stake in Evonik Industries for €2.4 billion ($3.7 billion). CVC and RAG Foundation (Essen, Germany), which owns Evonik, say they plan to launch an initial public offering (IPO) of Evonik between 2010 and 2013. Müller: CVC supports our strategy. “In CVC we have found a promising partner for our company, who has faith in Evonik’s perspectives and understands and wants to support the strategy of our company,” says Evonik CEO Werner Müller. RAG had...

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