GC Asia
Investors love €633m block in Evonik
RAG-Stiftung, the foundation charged with financing cleaning up the legacy of coal mining, has placed a block of shares in Evonik, the German speciality chemical manufacturer, at a tight concession after increasing the deal to €632.5m. The trade is another example of growing levels of demand for EMEA block trades.
Bank of America and UBS were bookrunners on the trade for 25m shares in Frankfurt, which grew from 24m shares at launch. The final deal size is around 5.4% of the company’s stock.
The banks launched the deal following a “limited market sounding exercise”, said a ...Please take a trial or subscribe to access this content.
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