Evonik rejects BASF takeover approach and stays independent
Evonik Industries' board declined BASF's unsolicited takeover proposal, choosing to remain independent. BASF's offer valued Evonik at more than €11 billion, while the company also disclosed a prior valuation of €10.3 billion. Evonik left the door open for purely informational talks but will not enter negotiations. The rejection caused Evonik's shares to slip 1.2% in European trading.
Why it matters
The share decline reflects market disappointment in the missed premium, and the high valuation underscores the scale of a potential consolidation in the chemicals sector. Investors should monitor any future informational talks that could affect Evonik's valuation or BASF's strategic options.
Key facts
- 1Evonik's board reviewed and rejected BASF's takeover approach. investing.com
- 2BASF's offer valued Evonik at €11.2 billion. seekingalpha.com
- 3Evonik's shares fell 1.2% in European trading after the rejection. seekingalpha.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.