Evonik reportedly rejects BASF’s €10.3 billion takeover approach

Evonik ($EVK) has rejected a BASF ($BAS) takeover proposal worth approximately €10.3 billion, or €22.15 per share, as inadequate, according to Reuters sources. BASF said its approach remained disciplined and that assessing potential synergies required Evonik’s participation. Evonik and its largest shareholder declined comment. The reported rejection is a new development following previously disclosed exploratory discussions, not an agreed transaction.

The disagreement puts valuation at the centre of any further negotiation. For investors, the distinction matters: a rejected approach provides neither assured sale proceeds to Evonik shareholders nor a committed acquisition cost for BASF. Any revised terms, due diligence and eventual approval process would need separate confirmation. A transaction premium should therefore not be treated as secured value.

Sources:

• Reuters reporting