Evonik rejects €10.3bn BASF bid to consolidate chemicals industry

Evonik has rejected a €10.3bn bid from BASF aimed at consolidating the chemicals industry. According to reports from FT, the offer was turned down by the chemical rival. The significant size of the premium associated with this bid may increase pressure on Evonik management and its largest shareholder. This strategic move by BASF represents a major attempt to reshape the sector, but Evonik has officially declined the acquisition proposal at this time.