Die Zeit1 hour agoBusiness1 min readGermany

Evonik confirms takeover offer from BASF

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The specialty chemicals group Evonik has confirmed a non-binding request for a takeover offer from its competitor BASF.
According to Evonik, no discussions are currently taking place.
The RAG Foundation is involved in the process as the main shareholder.

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Why It Matters

Evonik is a specialty chemicals company based in Essen, while BASF is based in Ludwigshafen. The RAG Foundation holds around 43 percent of the shares in Evonik.

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The specialty chemicals group Evonik has confirmed a takeover offer from its competitor BASF. The Essen-based company had received “a non-binding approach from BASF,” said Evonik’s board of directors. "This is aimed at a voluntary public takeover offer for all of the company's shares." Evonik does not want to comment further on the process. “Discussions are not currently taking place,” it continued.

The announcement was preceded by several media reports. According to the Financial Times, Evonik and the RAG Foundation, which holds around 43 percent of the company's shares, proposed a merger. Evonik from Essen is worth around 8.4 billion euros on the stock exchange, BASF in Ludwigshafen is valued at 47 billion euros.

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