Evonik rejects BASF's $11.7 billion takeover bid, sources say
Sources said BASF offered about €22.15 per Evonik share in exploratory talks.
70 billion) takeover bid from larger rival and BASF for being too low, sources close to the negotiations told Reuters on Monday. 15 per Evonik share, the sources said. BASF had said late last week that it was in "exploratory" talks with Evonik and on Monday said it would not comment on price. Evonik declined to comment.
Evonik's products include high-tech plastics and feed additives as well as ingredients for coatings and household products. BASF makes engineering plastics, super absorbent polymers, vitamins and a wide range of chemicals for industrial uses. BASF is at risk of losing its ranking as the world's largest company by chemicals revenue to China's Sinopec. 7 billion was almost the same as that of Sinopec's chemicals division.
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