HSH Nordbank, Evonik drop IPO plans
HSH Nordbank has confirmed it will shelve plans for an initial public offering this year, after one of its owners said the bank required Eu2bn of fresh capital. The bank is 35.4% owned by the German city state of Hamburg while US fund JC Flowers holds a 27% stake, making it the only German state bank with foreign investors. Germany’s energy and technology company Evonik said it would not pursue an IPO until after the summer. The company said it is looking for private investors instead.
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