Germany's Evonik IPO put on hold

  • German chemical company Evonik has halted plans for what could have been Europe's biggest initial public offering in more than a year.

    Evonik has said it will only resume efforts for a listing if markets recover.

    A recent string of flotations across the globe have been scrapped due to volatile financial markets.

    RAG owns 75 percent of Evonik, which makes battery chemicals, animal feed additives, acrylic glass and super-absorbents for diapers. Private equity firm CVC holds the remaining quarter.

    RAG's board of trustees decided against an IPO after a meeting with bankers on Friday showed a lack of commitment to the listing from investors.