Evonik Declines Negotiations on BASF’s €11.2 Billion Offer

Evonik Industries, Germany’s second-largest chemical maker, will not enter negotiations with BASF over a proposed acquisition valued at about $12.5 billion and covering all its shares.

The approach was nonbinding. Evonik had previously acknowledged receiving a proposal for a voluntary public offer for its entire shareholding.

On Sept. 25, BASF described exploratory discussions with Evonik and RAG-Stiftung, saying the process and outcome remained open. Evonik said negotiations were not underway at that time.