CVC Capitals Says Evonik IPO Possible Before End Of June
March 12 2012 - 8:10AM
Dow Jones News
Specialty chemicals maker Evonik could list shares before the
end of June if capital markets improve, CVC Capital Partners Ltd.'s
new Germany co-head, Christian Wildmoser, said Monday.
"Evonik is in excellent shape as it is much more focused now,"
Wildmoser said, adding Evonik's owners are, however, waiting for
capital markets to be in better shape before launching an initial
public offering. "We are not under pressure," he said.
Evonik's profitability is in line with or above that of U.S.
peers Dupont (DD), Dow Chemical Co. (DOW) and Germany's BASF SE
(BAS.XE), the CVC manager said, pointing to a margin before
interest, taxes, depreciation and amortization of 19%-20%.
The Essen-based company is owned by the RAG-Stiftung foundation
and CVC, which holds slightly more than 25%. Evonik said early last
year it plans to list within the next 15 months, but postponed a
first attempt in September because of financial and capital market
uncertainty. An IPO would reportedly raise EUR4 billion-EUR5
billion.
By Eyk Henning, Dow Jones Newswires, Dow Jones Newswires; +49 69
29725 108; eyk.henning@dowjones.com
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