As announced yesterday, RAG-Stiftung sold a 25.1% stake in Evonik, an industrial group based in Essen, to a financial investor for 2.4 billion euros. The purchase price gives Evonik a market value of 9.6 billion euros. Evonik, which operates in the fields of chemicals (Degussa), energy (Steag) and real estate, was originally supposed to go public this year. The scheduled IPO was cancelled due to the crisis on the global capital markets. As a result, RAG-Stiftung launched an auction process to place a minority stake in Evonik with a financial investor until Evonik’s planned IPO can be carried out. According to statements this is now scheduled for 2010. Pursuant to its articles of association, RAG-Stiftung aims to use the proceeds from the sale to finance the long-term effects of coal mining.
Gleiss Lutz provided extensive legal advice to U.S. financial investor The Blackstone Group in the auction process. Blackstone was one of four remaining bidders in the final round of negotiations. In the end, however, UK private equity investor CVC was awarded the share.
Gleiss Lutz’ team consisted of Dr. Jan Bauer and Dr. Christian Cascante (partners, both lead), Dr. Jochen Tyrolt and Dr. Martin Viciano Gofferje (all corporate/M&A). The following Gleiss Lutz lawyers were also involved: Dr. Matthias Müller, Dr. Jürgen Rieg, Dr. Patrick Binzel, Dr. Mario Stillig and Stefanie Dörner (all corporate/M&A); Dr. Stephan Aubel (partner, capital markets); Dr. Helge Kortz (partner) and Dr. Kai Birke (both financing); Dr. Andreas Neun (partner), Dr. Christiane Freytag, Dr. Jan Hennig, Dr. Juliane Reichelt and Dr. Yvonne Kerth (public/real estate); Dr. Wolfgang Bosch (partner) and Dr. Birgit Colbus (both antitrust), Antonia Harbusch and Dr. Stefan Geiger (all energy); Dr. Claudia Krapfl; Dr. Michael Christ and Dr. Verena Hügel (all commercial/litigation).
In the past, Gleiss Lutz has advised Blackstone on numerous transactions, including the purchase of foil manufacturer Klöckner Pentaplast for approx. EUR 1.3 billion, the purchase of the Hilton Hotel Group for approx. EUR 19.1 billion, a minority stake in Deutsche Telekom AG for approx. EUR 2.68 billion and the public takeover of Celanese AG for approx. EUR 3.1 billion.
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