PE Firms Shed 12% Evonik Stake In Pre-IPO Financing

Law360, New York (March 13, 2013, 2:37 PM EDT) -- The private equity owners of German chemical maker Evonik Industries AG have sold off an additional 12 percent stake in the company as it prepares for an initial public offering, the largest ever pre-IPO capital markets financing in Germany, Evonik said Wednesday.

Evonik, which is co-owned by CVC Capital Partners Ltd. and a trust for state-owned German industrial conglomerate RAG Group, said it began the private placement to a variety of institutional investors in February and the placement closed on Tuesday. CVC and RAG Trust contributed...
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