Singapore's Temasek to buy stake in Germany's Evonik

Singapore's Temasek to buy stake in Germany's Evonik

BERLIN - Singapore state investor Temasek Holdings will take a stake in Evonik Industries , two sources close to one of the German company's owners told Reuters.

Temasek will spend more than 600 million euros (S$973 million) for 5 per cent of the Essen-based chemicals company, which is preparing for a stock market share listing, the sources said on condition that they not be identified.

German magazine Wirtschaftswoche reported on Saturday that Temasek and Evonik had agreed the sale.

A spokesman for Temasek declined to confirm the deal.

The RAG trust, which owns 75 percent of Evonik, and buyout firm CVC Capital Partners, owner of the rest, said last month that they had placed a small stake with institutional investors as a prelude to an initial public offering (IPO).

Sources close to the matter said that the listing could value the company at 14 billion euros. Stock market trading of Evonik shares is planned for late April.

Evonik, RAG and CVC all declined to comment on whether a sale to Temasek had been agreed.

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