Evonik rejected BASFu2019s initial takeover bid of u20ac10.3 billion ($11.51 billion), or u20ac22.15 per share, as too low, according to people close to the talks. The offer would value Evonik at about u20ac14 billion. Evoniku2019s management board is insisting on a better offer before entering negotiations. Sources close to BASF indicated that u20ac22.15 per share was not the final word and the offer could be raised if talks occurred. BASF has said it would preserve Evoniku2019s German site and employment guarantees in any deal.
Source: Reuters / MarketScreener
