BASF Open to Raising Evonik Offer After Rejected Bid
A person familiar with the deal says BASF would consider a higher offer after reviewing Evonik’s books, but talks are not underway.
Key takeaways
- BASF is open to discussing a higher Evonik offer after reviewing the company’s books.
- Evonik rejected an initial offer of 22.15 euros per share as too low.
BASF is open to discussing a higher offer for Evonik, but wants to review the specialty chemicals group’s books first, a person familiar with the transaction told dpa-AFX. Evonik rejected BASF’s initial offer of 22.15 euros per share as too low.
The bid would value Evonik, including debt, at more than 14 billion euros. BASF would also honor Evonik’s existing employment and site-protection agreements, according to people familiar with the matter. Job cuts in Germany are barred until 2032 under those agreements.
Evonik has said the approach is non-binding and aimed at a voluntary public offer for all its shares. The companies are not currently in talks, it said. As of 10:46 UTC on Wednesday, BASF shares were up 2.2% and Evonik shares were up 1.68%.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
