Evonik rejects $11.7 billion BASF takeover bid, sources say
Evonik rejected a €10.3B ($11.7B) takeover bid from BASF, calling it too low. BASF offered €22.15 per share. Both companies are major chemical manufacturers. BASF's 2022 revenue was €59.7B, similar to Sinopec's chemicals division.
How this was made
The 30-second read
Why it matters
The failed bid creates immediate pricing pressure on both parties and may affect sector sentiment.
Market read
First report of a €10.3 billion deal collapse; high relevance for traders in European chemicals.
What to watch
Potential regulatory hurdles in Europe and antitrust concerns could have influenced the rejection.
Background
The article reports a fresh, first‑time disclosure of a major M&A bid between two leading German chemical companies.
Ticker impact
BASF's €10.3 billion bid for Evonik was turned down, a new material event for the acquirer.
downward pressure on BAS.DE as investors reassess growth prospects.
The failed bid removes a potential expansion, reducing upside expectations.
Market effects
European chemicals sector may see valuation adjustments as the largest merger attempt stalls.
German market could experience modest volatility in chemical stocks.
Limited to chemicals sector; no broad market move expected.
Counterpoint
Some investors may view the rejection as a chance to buy BASF at a discount, betting on future deals.
Key entities
- CompanyEvonik Industries AG
German chemicals manufacturer, subject of the rejected takeover bid.
- CompanyBASF SE
World's largest chemicals maker, acquirer in the failed transaction.
