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CVC sells 4.7 pct Evonik stake at 31.85 eur a share

Reuters - UK Focus

FRANKFURT, May 7 (Reuters) - Buyout firm CVC (Taiwan OTC: 4744.TWO - news) has sold another 4.7 percent stake in German chemicals group Evonik at 31.85 euros a share as it continues its gradual exit from the German chemicals group, according to the bookrunners.

CVC took advantage of a 23 percent rise in Evonik's share price over the last three months and reduced its stake to 9.3 percent with the placement.

Bank of America and JP Morgan organised the placement.

CVC declined to comment.

Evonik shares were indicated to start trading 2.9 percent weaker on Thursday. (Reporting by Arno Schuetze and Alexander Hübner; Editing by Maria Sheahan)