CVC Capital Partners appeared to be the front-runner Sunday night in the roughly â¬2bn, or about $3bn, auction of a stake in German industrial conglomerate Evonik Industries, according to people close to the deal.
Though another bidder could still overtake CVC, the private-equity firm put in the high bid, two of the people said. Three other private equity firms submitted bids for a 25% stake in the company by last Tuesday's deadline: Blackstone Group, Kohlberg Kravis Roberts & Co. and Bain Capital, the people said.
