Chemistry: BASF reportedly interested in acquiring Evonik – shares react strongly
A multi-billion dollar merger is possibly on the horizon for Germany's chemical industry. Market leader BASF has apparently contacted Evonik with corresponding plans.
BASF has reportedly approached Evonik with takeover plans, according to the Financial Times, citing informed sources. The Ludwigshafen-based company has contacted Evonik and its main shareholder, the RAG Foundation, but no outcome is certain. BASF has also contacted banks about a potential takeover and is still working on its plans. The news caused Evonik's shares to rise up to 10% and BASF's to fall up to 2.8%. Both companies have a market capitalization of around 47 billion euros and 8 billion euros respectively.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
