Evonik Cancels IPO, Again …

For the third time since 2008, owners of specialty chemical maker Evonik Industries have canceled plans for an initial public offering of stock in the firm because of poor market conditions. RAG Foundation, which owns 75% of Evonik, says uncertainty in capital markets and the economic crisis in Europe mean investors are unwilling to pay an appropriate price for the shares. RAG and CVC Capital Partners, which owns the other 25% of Evonik, announced plans for the most recent offering in late May. According to reports from Germany at the time, the two expected to sell a 25% stake in Evonik and raise as much as $5.6 billion. RAG says it will consider a sale again when investors are willing to pay more.