BASF raises Evonik offer to €24 a share, source says

By Reuters News

MUNICH, Oct 23 (Reuters) - Germany-based BASF BASFn.DE has increased its takeover offer for chemicals manufacturer Evonik Industries EVKn.DE to €24 ($26.86) per share, a person close to BASF told Reuters on Friday.

Evonik declined comment.

Bloomberg News first reported on Friday that BASF raised its offer for Evonik to more than €11 billion ($12.31 billion), citing people familiar with the matter.

BASF's revised offer comes with guarantees on jobs and Evonik's productions sites.

Evonik and BASF said in September that BASF had approached it about a possible takeover.

Evonik's stock was up 3.1% at 1147 GMT, BASF shares were down 0.42%.

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.