Evonik Industries shares traded around u20ac21.23, up 58.83% year-to-date, as speculation continued over a potential takeover by BASF. Evoniku2019s management board rejected BASFu2019s initial offer of u20ac22.15 per share, valuing the company at about u20ac14 billion, as too low. Sources close to BASF indicated the price was not final and could be raised if talks occurred. The RAG Foundation, Evoniku2019s largest shareholder with 43%, discussed the offer but did not want to decide over the management board. Analystsu2019 average target price was u20ac18.42, below the last close.
Source: MarketScreener / Reuters
