Cognis for sale despite IPO plan
Private equity-owned Cognis is still being offered for sale by Permira and Goldman Sachs, according to reports, even though plans are already underway for an IPO.
Offers to buy the food ingredients and care chemicals company in 2006 were turned down as they were deemed to be too low at that time. The wheels are in motion for an IPO in the second half of this year, but according to Reuters some financial commentators are saying a sale is now more likely.
An IPO, they report, could be “a potentially drawn-out exit fraught with uncertainty”.
Chemical firms Lanxess and Evonik are said to be amongst the potential buyers, but no comments have been made on the possibility.
The current owners bought Cognis in 2001 for €2.5 billion, but possible price tags now being bandied about are as low as €1.6bn.