Chemicals: BASF increases takeover offer for Evonik to more than eleven billion euros
The chemical company is offering 24 euros per share and is providing extensive job guarantees until 2032.
Quick Look
- BASF has increased its takeover offer for competitor Evonik to 11.2 billion euros or 24 euros per share.
- The offer also includes binding job guarantees until 2032.
AI-generated summary
Why It Matters
BASF is trying to take over its competitor Evonik. The first offer was 22.15 euros per share.
Düsseldorf, Frankfurt. The chemical company BASF is increasing its offer for its competitor Evonik to 11.2 billion euros. Handelsblatt learned this on Friday from several people familiar with the negotiations.
The Ludwigshafen-based group is offering 24 euros per Evonik share. According to Handelsblatt information, this is a pure cash offer. The Essen-based company valued the previous offer of 22.15 euros at around 10.3 billion euros.
The new bid is about 39 percent higher than the price at the end of September, before BASF's interest became known. On Friday afternoon, Evonik shares were up almost four percent at a good 21.50 euros. The company is therefore valued on the stock exchange at around 9.9 billion euros. The Bloomberg news agency was the first to report on the improved BASF offer.
According to the circles, it also includes far-reaching binding commitments from BASF leadership to maintain locations and jobs. On Thursday, the Ludwigshafen-based chemical giant had already advertised a takeover of its competitor with extensive job guarantees. “Dismissals for operational reasons remain excluded until 2032,” assured BASF boss Markus Kamieth in a video message. “Collective agreements and social partnership remain untouched.”
What to Watch
AI outlook — possibilities, not facts
Evonik's board of directors is examining the new offer of 24 euros per share.
Very likely · Within days
Open Questions
- How does the Evonik board react to the new offer?
- Are there any antitrust hurdles for the takeover?
