Evonik insists on independent development and refuses to negotiate a 10 billion euro acquisition with BASF

The Zhitong Finance App learned that Evonik Industries (EVKIY.US) said that although the larger German chemical giant BASFY.US (BASFY.US) is seeking to acquire the company for 10.3 billion euros (11.5 billion US dollars), it will not enter into negotiations with BASF on the acquisition. Evonik Industries said on Friday that its executive board “remains focused on the company's strategic direction and driving Evonik's further development as an independent company.”

Evonik also stated that he is still willing to communicate and will participate in “purely informational and confidential exchanges” to explain his position to BASF.

Evonik shares rose 0.7% in early trading in Frankfurt on Friday. The stock has accumulated a cumulative increase of 57% since this year.

The report said that in September, BASF offered Evonik a takeover offer of 22.15 euros per share. Evonik rejected it on the grounds that the price was too low, then BASF raised the price to about 24 euros. Since then, BASF has signalled that if Evonik agrees to negotiations, it may raise the offer further.

In recent weeks, BASF has stepped up its push by proposing to maintain existing employment security commitments until 2032.