Home / Business and Economy / Evonik Rejects BASF's Latest Takeover Bid
Evonik Rejects BASF's Latest Takeover Bid
9 Nov
Summary
- Evonik continues to refuse BASF's increased takeover offer.
- Executives from both companies held initial discussions over the weekend.
- BASF's improved offer was valued at €11.18 billion ($12.5 billion).
Evonik continues to reject BASF's increased takeover offer, even after top executives from both German chemical companies met over the weekend for initial discussions. No further meetings are currently scheduled.
Last month, Evonik had already voiced opposition to BASF's sweetened offer, stating it was not enough to commence formal deal talks. BASF had improved its offer to €11.18 billion ($12.5 billion), or €24 per share, a significant increase from the initial bid of €22.15 per share that Evonik rejected in September.
BASF's CEO Markus Kamieth has described a potential deal as a "strong German response to global competition." Evonik, known for its high-tech plastics and feed additives, believes it is better positioned within its own planned corporate structure, according to reports. BASF has pledged to honor existing job agreements and warned of looming foreign takeover attempts.
Both Evonik and BASF declined to comment on the weekend meeting or Evonik's continued rejection of the deal.
