This was decided on monday by the board of trustees of the main owner, the RAG foundation (74.99 percent of the shares), in agreement with the minority owner, CVC capital partners. Investors had demanded discounts of 25 percent or more because of the uncertain situation in the euro zone, foundation head wilhelm bonse-geuking told the dpa news agency. "A quarter of the value – that was not in it."
The RAG foundation wants to wait at least a year and a half before making a new start on the borsengang. "Before autumn next year – september, october 2013 – there is no thought of a borsengang," bonse-geuking told the "financial times deutschland" (tuesday edition). The prerequisite, however, is that the confidence of investors in the euro zone has returned.
The evonik owners and the banks had spoken with up to 2,000 investors. In the past week, 60 major investors had been approached in a concentrated effort – but the proceeds had simply not been enough. "It would have been a bargain price, but the price was just too low for us," said bonse-geuking.