Evonik reportedly rejects €10.3 billion BASF bid

Evonik has rejected BASF’s proposed €10.3 billion takeover, saying the offer of about €22.15 per share was too low to justify formal negotiations or due diligence. BASF has confirmed making a potential acquisition proposal but declined to comment on its value. The approach reflects pressure for consolidation in Europe’s chemicals industry, where high energy costs, weak demand and competition from U.S. and Chinese rivals have challenged companies. Any deal would face further hurdles, including the position of RAG-Stiftung, Evonik’s 44% shareholder, and concerns about the financial, employment and operational consequences of a merger.