Issue Date: March 3, 2008
Evonik Stock Offer May Be Put Off
German newspapers are saying the summer initial public offering planned for Evonik Industries—parent company of the former Degussa—may be delayed until next year because of the global financial market turndown. Evonik, which has 43,000 employees and annual sales of more than $20 billion, won't comment on any delay. According to sources close to the RAG Foundation, Evonik's current owner, the listing would raise about one-third less than the amount estimated last year. The foundation is under pressure to maximize the amount raised, as it is responsible for funding the pension obligations of the German mining industry.
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