Evonik rejects BASF offer as too low, sources say

By Reuters News

DUESSELDORF, Germany, Sept 28 (Reuters) - German chemicals maker Evonik EVKn.DE has rejected a takeover offer of about €22.15 per share from larger peer BASF BASFn.DE as too low, two people familiar with the matter told Reuters on Monday.

The Financial Times had earlier reported the news.

BASF, which said on Friday it had proposed a potential acquisition of Evonik, on Monday declined to comment on the size of the offer.

Evonik declined to comment.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.