Key facts
- Evonik has rejected a €10.3 billion ($11.7 billion) takeover bid from BASF.
- The bid was rejected because it was considered too low.
- BASF's offer was approximately €22.15 per Evonik share.
German chemicals manufacturer Evonik has rejected a takeover bid from its larger rival BASF, which valued the company at €10.3 billion ($11.7 billion), according to sources close to the negotiations. BASF's offer of approximately €22.15 per Evonik share was deemed too low by Evonik. The companies had confirmed they were engaged in "exploratory" talks late last week. Evonik produces high-tech plastics and feed additives, while BASF manufactures engineering plastics, super absorbent polymers, and a wide range of chemicals for industrial use.