Evonik turned down an approach from BASF worth about EUR22.15 per share, or roughly EUR10.3bn for the whole company, Reuters reported on Sept 28 citing people familiar with the matter. Evonik had confirmed on Sept 25 that it had received an approach about a possible voluntary public offer.
Deal terms and financing
The indicated EUR22.15 per share was reported as a premium of nearly 29% to Evonik's price before takeover speculation surfaced. The Financial Times reported the level was too low to justify formal negotiations or due diligence.
Regulatory approvals and timing
Any deal would hinge on RAG-Stiftung, which holds about 43% of Evonik; its board of trustees met on Oct 9 to discuss the approach. A combination of Germany's two biggest listed chemical groups would also face antitrust review.
Market context
BASF has said the outcome of exploratory talks remains open. European chemicals makers are under pressure from weak demand and high energy costs, pushing them toward consolidation.
