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Advent pulls out of race for Evonik’s Carbon Black unit

According to Dow Jones Newswires, buyout firm Advent International has pulled out of the auction for Evonik Industries AG’s Carbon Black unit. The article sourced people familiar with the situation.

Advent International was one of three bidders remaining in the process. It is unclear why Advent withdrew or whether other private equity firms Triton and Rhone Capital, who were early bidders, are still involved.

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