Singapore's Temasek to Buy Stake in Germany's Evonik
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 ($779 million) for 5% 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% 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. 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.