Chemistry: BASF increases takeover bid for Evonik to more than eleven billion euros
On Thursday, BASF CEO Kamieth had already advertised with far-reaching job guarantees for a takeover of the competitor. Now the chemical giant is increasing its offer.
Chemie: BASF lifts takeover bid for Evonik to over €11.2 billion
Düsseldorf and Frankfurt - The German chemicals company BASF has increased its takeover offer for rival Evonik to €11.2 billion. This was reported by the Düsseldorf-based trade publication Handelsblatt on Friday, citing several people familiar with the negotiations. The Ludwigshafen-based group is offering €24 per Evonik share, which, according to Handelsblatt, is a pure cash bid.
The previous offer of €22.15 was valued by Essen-based Evonik at around €10.3 billion. The new bid represents about a 39% premium over the stock price at the end of September, before BASF's interest was made public. On Friday afternoon, Evonik shares briefly rose more than 4% to just under €21.50, valuing the company at roughly €9.9 billion.
Bloomberg was the first news agency to break the story of BASF's upgraded offer, which also includes extensive binding commitments from BASF executives to retain sites and jobs. On Thursday, BASF had already pledged extensive job guarantees for the takeover. "Business-related dismissals will be excluded until 2032," BASF CEO Markus Kamieth assured in a video statement. "Collective bargaining agreements and social partnership remain untouched."
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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