Phillips Carbon Black withdraws from Evonik bidding

The race to acquire Evonik Industries’ carbon black business has narrowed following the withdrawal of Phillips Carbon Black from the final round of the bidding process. Dow Jones Newswires reports the company failed to submit a bid before the final deadline, leaving three or four contenders in the running – Advent International, Triton Partners, Rhone Capital, and possibly Cabot Corp., are said to still be interested.

An unnamed source told Dow Jones Newswires that Evonik is seeking at least US$1 billion for its carbon black business. Divestment plans were first announced in September 2010 as part of the German company’s plan to focus on three global megatrends: resource efficiency, health & nutrition, and globalisation of technologies. At the time of announcing the divestment Evonik said its carbon blacks business ranks second in the world and has annual sales of around a billion euros.