CVC sells down Evonik stake

Shares were sold at around €29.15 apiece, dropping by more than 4% at start of trading on 4 March. Evonik's shares had seen a 15% rise during the past three months. Evonik shares were selling at around €30.8 at the time of writing.

CVC originally acquired 25.01% of the company in June 2008 for €2.4bn. The deal valued the company at around €9.6bn and was financed with a 50/50 mix of equity and debt.

Evonik held an IPO in April 2013, placing shares on both the Frankfurt stock exchange and the Bourse de Luxembourg. Prior to the IPO, CVC sold a 6.1% stake in the business to institutional investors including Singapore's sovereign wealth fund Temasek.

Evonik had an EBITDA of €1.9bn in 2013 and its market cap stands at more than €14.5bn. It claims to have seen average growth of more than 4% since 2009.

The Essen-headquartered chemicals, energy and property business employs approximately 33,000 people in 100 countries, with 20,000 of those jobs based in Germany.

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