Private equity heavyweight The Blackstone Group is still in the bidding to buy a stake in German conglomerate Evonik Industries from RAG Stiftung. It is one of four parties understood to want to acquire the 25% stake on offer in the chemicals, energy and real estate business. Negotiations with one or two bidders are timetabled to begin in May, according to Financial Times Deutschland.
The sale of a minority stake precedes RAG’s plans to sell a further 50% shareholding in 2010 and 2012.
Originally, RAG had suggested it might float the 25% stake on the Frankfurt Stock Exchange but deteriorating market conditions turned it against this option and it decided instead to look for a co-investor.