CVC sells part Evonik stake €520 million
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CVC sells part of Evonik stake for €520 million

11:13 AM, 15th July 2015
CVC sells part of Evonik stake for €520 million
Evonik headquarters in Germany.

FRANKFURT, GERMANY: Private Equity firm CVC Capital Partners has sold about 15 million shares in Evonik Industries AG for €34.60 apiece, JP Morgan, which is one of the bookrunners, said on Monday.

After the placement, which will yield €520 million ($572.16 million), the buyout firm will have a 6.2 percent stake in the German chemicals group, down from the 9.4 percent it had after the placement of a 4.7 percent stake in May.

Evonik shares closed down 1 percent at €35.45 on Monday after regular trading.

Since March CVC has sold Evonik shares worth about €1.75 billion.

JP Morgan and Bank of America were the joint global coordinators of the placement, which started with 12 million shares and was raised to 15 million shares.

© Reuters News

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