Evonik Industries AG’s owners are planning to decide at the end of next month when to pursue an initial public offering of the German chemical maker, according to two people familiar with the deliberations.
The board of trustees is scheduled to meet on March 23 and will discuss whether to proceed as soon as possible with the listing, said the people, who declined to be identified before an announcement. A decision to sell shares, taking into account full-year figures due March 14, would prompt an IPO sometime before mid May, one of the people said.
Evonik and its owners, RAG Stiftung and CVC Capital Partners Ltd., postponed an IPO last year, joining Siemens AG’s Osram lighting unit and HC Starck GmbH after the sovereign debt crisis roiled markets. The Essen-based maker of polymers, which has been valued at as much as 20 billion euros ($26 billion), may benefit from this year’s 16 percent gain in Germany’s benchmark DAX Index, which it would be a candidate to join.
RAG Stiftung, the body in charge of winding down Germany’s subsidy-reliant deep-shaft coal industry, is Evonik’s biggest shareholder, with 74.99 percent. The institution will use proceeds from selling Evonik assets to pay for mine closures. Private equity firm CVC Capital owns 25.01 percent.
Spokesmen for Evonik and RAG Stiftung couldn’t be immediately reached for comment. A spokeswoman for CVC declined to comment.
To contact the reporters on this story: Sheenagh Matthews in Frankfurt at firstname.lastname@example.org; Aaron Kirchfeld in Frankfurt at email@example.com; Zijing Wu in London at firstname.lastname@example.org