GERMAN chemicals maker Evonik has agreed to sell a 4.6 per cent stake to Singapore state investor Temasek Holdings, it emerged yesterday.
Temasek is believed to be paying around €600m for the stake in Evonik, which is preparing for a stock market share listing.
The RAG trust, which owns 75 per cent 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).
Stock market trading of Evonik shares is planned for late April.
City A.M. Reporter