Evonik Shares Gain 2.7%; BASF Confirmed Exploratory Talks.

BASF’s latest proposed price for Evonik is about €24 a share, implying a valuation of $12.51 billion.

Neither BASF nor Evonik has announced a revised price. Evonik shares ended Oct. 23 at €21.26, up 2.7%. At 8:08 a.m. ET (12:08 UTC) that day, they were at €21.38, up 3.3%.

On Sept. 25, BASF described exploratory discussions with Evonik and RAG-Stiftung about a possible takeover, saying the course and outcome remained open. Evonik confirmed receiving a nonbinding approach for a voluntary public offer covering all its shares, but said no talks were underway at the time.

Separately, on Oct. 22, BASF CEO Markus Kamieth said the company would take over existing site agreements in a combination, with compulsory redundancies ruled out through 2032. He said collective bargaining agreements and the social partnership would remain untouched. “We are ready to enter into talks,” Kamieth said.