Evonik Rejects BASF's €11.2 Billion Takeover Bid
Evonik Industries has officially rejected a takeover proposal from BASF, which valued the German specialty chemicals company at approximately €11.2 billion ($12.5 billion). Following the announcement, Evonik shares experienced a 1.2% decline during European trading sessions. Despite rejecting formal negotiations, Evonik indicated it remains open to 'purely informational' discussions with BASF. This development highlights ongoing consolidation interest within the European chemical sector as major players weigh strategic acquisitions against market volatility.
Tickers: $BASFY
Topics: Chemical Industry M&A Stock Price Movement