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Wednesday, April 7, 2010 as of 11:14 AM ET

European Markets

IPO WATCH: Evonik, Georgian Railway Show Twin-Track Europe

Evonik Industries AG's decision to press ahead with a Frankfurt listing as Georgian Railway pulls a planned London float highlights Europe's increasingly divided equity capital markets landscape, with the relative strength of German companies and the benchmark DAX index at odds with volatility and gloom elsewhere in Europe.

Specialty chemicals maker Evonik said Friday that it would launch what could be Germany's biggest IPO since 2000, raising up to EUR4.5 billion. By contrast, Georgian Railway, the state rail monopoly for the former Soviet state, Thursday said it had postponed a London listing of global depositary receipts set to raise up to $250 million."This relates to Germany as an economy and a destination for investor sentiment," said Martin Steinbach, IPO leader at Ernst & Young for Europe, the Middle East, India and Africa. "Investors are showing their confidence in the underlying economy."The twin moves highlight that German companies preparing to list in Germany are likely to ...

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