The decision to launch the €3.5bn-€5bn IPO of Evonik last Friday morning generated mixed reviews from ECM bankers with some worried that Europe’s flagship transaction will be a hostage to market and political sentiment. This week, reports that Rothschild has been added as a second adviser stoked suggestions of tension among the parties involved.
"This process has had a lot of tension, a lot of finger-pointing, that you can see in the leaks and briefings in the German press," said one ECM banker. "I still think it will get done. The key is whether or not the extensive cornerstone/anchor process works."