Evonik Industries AG, the German chemical maker that listed shares in Frankfurt two weeks ago, said first-quarter profit fell 10 percent as the company cut prices for some of its products and raw-material costs rose.
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.
Deutsche Bank AG and Goldman Sachs Group Inc. are among a group of banks that lost out on about 100 million euros ($129 million) in fees after Germany’s Evonik Industries AG ditched an initial public offering in favor of a private placement, said people familiar with the matter.
Evonik Industries AG Chief Executive Officer Klaus Engel expects the German chemical industry to grow in 2011 even with an imminent economic slowdown, Deutsche Presseagentur reported, citing a statement.
Evonik Industries AG, a German specialty chemicals maker, said its owners sold a 12 percent stake in the company to institutional investors, paving the way for a fourth attempt to sell shares to the public.
Evonik Industries AG is seeking a buyer for a unit making color blends used in adhesives and paint as Chief Executive Officer Klaus Engel focuses the company on specialty chemicals ahead of an initial public offering.
Evonik Industries AG, the German specialty chemicals maker that postponed an initial public offering, said it’s sticking to a plan to sell shares even as earnings are poised to decline in 2012 as economies slow.
Evonik Industries AG, the chemical maker 25 percent owned by CVC Capital Partners Ltd., is in good enough shape in its current form to lure investors with an initial public offering, according to Steven Koltes, a managing partner at the buyout firm.