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CVC unveils 25.01 pct stake in Germany's Evonik
0 Comments | AFP, June, 2008
BERLIN (AFP) — The British investment fund CVC will acquire a 25.01 percent stake in German chemical and energy group Evonik, the companies have said, following a battle with other funds.
CVC is to pay 2.4 billion euros (3.7 billion dollars) for the holding, subject to the approval of the antitrust authorities, they said in a joint statement.
This will give CVC a minority blocking stake under German law, after a months-long battle that reportedly also involved three other investment funds, identified in the German media as Blackstone, KKR and Bain Capital.
CVC and the RAG Foundation, which has owned all of Evonik up till now, "plan to launch an IPO (initial public offering) in the medium term," it added.
The listing of Evonik shares has been in the...
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