Bloomberg News

Evonik Selects Goldman, Deutsche Bank for Stock Exchange Listing

May 05, 2011

Evonik Industries AG said it selected Goldman Sachs Group Inc. and Deutsche Bank AG (DB:US) to coordinate its initial public offering planned for this year, set to be among the largest listings in Germany in a decade.

The German chemical maker that is 25 percent owned by CVC Capital Partners Ltd. also hired Bank of America Merrill Lynch, Credit Suisse Group AG and JPMorgan Chase & Co. (JPM:US) as joint book runners, Evonik said in a statement today. The coordinating banks will prepare the transaction, and a decision whether an IPO is feasible this year will be made in autumn, Evonik said.

Essen, Germany-based Evonik is shedding assets outside of chemicals to prepare for the listing. The company agreed to sell its carbon black business for more than 900 million euros ($1.3 billion) last month and is seeking a buyer for a unit making color blends. Chief Executive officer Klaus Engel said in April that an IPO will likely take place within 15 months after a rebound in earnings and sales.

With annual sales of 13.3 billion euros, Evonik is a candidate to join Germany’s benchmark DAX index. The company will present first-quarter results on May 12.

To contact the reporter on this story: Richard Weiss in Frankfurt at

To contact the editor responsible for this story: Benedikt Kammel at

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