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 Dax group is following up.
BASF, the German chemical giant based in Ludwigshafen, has raised its takeover bid for rival Evonik to more than 11.2 billion euros, according to trade publication Handelsblatt. The DAX company is offering 24 euros per Evonik share, which is a pure cash offer. This is 39 percent higher than the previous offer of 22.15 euros per share, which was valued at around 10.3 billion euros.
The new bid is approximately four percent above Evonik's stock price at the end of September, before BASF's interest was known. Evonik's shares surged nearly four percent on Friday to over 21.50 euros, valuing the company at around 9.9 billion euros at this time. Bloomberg was the first to report the enhanced BASF offer, which also includes far-reaching binding promises from BASF executives to retain sites and jobs.
The Ludwigshafen-based company had previously pledged extensive job guarantees for the acquisition of its competitor.
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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