Germany's Evonik rejects BASF's $11.7 billion bid, sources say

Sept 28 — German chemicals manufacturer Evonik has rejected a €10.3 billion ($11.7 ​billion) takeover bid by BASF as too low, sources close to the negotiations said on ‌Monday.

BASF, one of the world's largest chemicals makers, had offered about €22.15 ⁠per Evonik share, ​the sources said. Evonik shares, ⁠which closed at €18.07 on Thursday before news of ‌BASF's approach, were ‌up 1.6% at €19.8 at 1450 GMT on Monday.

Shares ⁠in BASF were little ⁠changed after a 3.6% fall on Friday when BASF said it was in exploratory talks with Evonik.

BASF added on Monday it was taking a disciplined approach and would not comment on price as ‌this was "based on a potential ​for synergies that can only be verified if Evonik is involved".

Evonik and its largest shareholder, the RAG foundation, declined to comment.

Evonik's products include high-tech plastics and feed additives as well as ingredients for coatings and household products. BASF makes ​engineering plastics, super absorbent polymers, vitamins and chemicals ‌for industrial uses.

BASF ‌is ⁠at risk of losing its top global ranking by chemicals revenue to Sinopec. Last year its group revenue of €59.7 billion was almost the same as ‌that of the Chinese ​company's chemicals division.

($1 = 0.8800 ‌euros)

(Reporting by Matthias Inverardi, ⁠Ludwig ​Burger and Kanjyik Ghosh; Editing by David Goodman and ​Alexander Smith)

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