BASF SE has reportedly raised its takeover offer for German chemical manufacturer Evonik Industries AG to €24 per share, Reuters reported on October 23, citing sources. The revised, non-binding proposal values Evonik at approximately €11.18 billion.
BASF’s previous bid, worth around €10.3 billion, was rejected in September as too low. The sweetened offer is part of BASF’s ongoing effort to acquire its smaller rival.
The proposal reportedly includes commitments to preserve jobs and production sites until 2032. Evonik shares rose as much as 5.2% in Frankfurt trading on October 23.
The deal hinges on approval from Evonik’s largest shareholder, the RAG Foundation, which holds a decisive stake in the company.