Evonik rejects €10.3 billion takeover approach from BASF
The Financial Times reports Evonik has turned down the bid, which followed weeks of preliminary talks between the two German chemicals groups.
Published
Evonik has rejected a €10.3 billion bid from BASF, the Financial Times reports.
BASF had confirmed preliminary discussions to acquire Evonik and said the outcome of the talks remained open. Before that, the Financial Times had reported that BASF made a takeover approach for Evonik, though neither company confirmed the talks at the time and a deal appeared unlikely in the near term.
The rejection closes off, for now, one of the more significant consolidation moves floated in Europe's chemicals industry. Both companies are left to manage sector pressures on their own, without the scale a combination would have brought. The broader backdrop remains strained: Volkswagen's credit rating risks and persistent cost challenges across European industrials point to continued headwinds for standalone operators in the sector.