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Evonik CEO Finds Backdoor to IPO After ‘Painful’ Failures

Foiled in three attempts at listing Evonik Industries AG on Germany’s stock market, Chief Executive Officer Klaus Engel has found a new way to achieve an initial public offering of the $18 billion chemical maker.

This time, owners RAG Stiftung and CVC Capital Partners Ltd. sold a 12 percent stake to a group of investors from Singapore to the U.K. and Evonik will follow up in April with a small public offering of stock worth a three-digit-million euro sum. The company will achieve a long-held ambition to list, while avoiding the traumas of past attempts, Engel said.