BASF Stock News
€49.94
0.68%
Xetra, Sep 29, 05:35 pm CEST.
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BASF Stock News
German chemicals maker Evonik has rejected a takeover offer of about €22.15 per share from larger peer BASF as too low, two people familiar with the matter told Reuters on Monday.
Evonik has rejected a €10.3 billion ($11.7 billion) takeover bid from BASF for being too low to warrant formal negotiations or to allow its competitor to carry out due diligence, the Financial Times reported on Monday.
The German company said it entered initial talks over a takeover of smaller peer Evonik, a tie-up that would bolster BASF's dominant position in Europe's chemicals industry.
Germany's BASF has approached rival Evonik and its largest shareholder, the RAG Foundation, with a proposal for a merger, the Financial Times reported on Friday, sending Evonik shares to a three-month high.
BASF said on Monday it had mandated Citi, Deutsche Bank, Goldman Sachs and J.P. Morgan as global coordinators for the planned listing of its Agricultural Solutions business.
BASF sued Apple on Thursday, accusing the iPhone maker of infringing the German company's patented face authentication technology in dozens of iPhone and iPad models.
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