BASF would keep Evonik job guarantees in any deal, sources say

By Reuters News

- BASF BASFn.DE will commit to preserving Evonik's EVKn.DE German site and employment guarantees in any takeover of the specialty chemicals maker, two people close to BASF said, amid concerns among politicians and labour representatives in North Rhine-Westphalia.

The people told Reuters on Monday that BASF was prepared to write such commitments into a possible agreement with Evonik, which rules out compulsory redundancies in Germany until 2032 and requires any job cuts to be voluntary with severance pay.


  • "BASF feels bound by this. They would not waver on this," said one of the people

  • BASF declined to comment on the information when asked by Reuters

  • Evonik said in September that BASF had approached it over a possible takeover. People close to the talks later said Evonik had rejected a bid of €10.3 billion ($11.51 billion), or €22.15 per share, as too low

  • BASF could raise its offer for Evonik if there were talks between the two companies, two people close to BASF told Reuters on Friday

  • Trade union IG BCE has called for future prospects for Evonik employees and investment commitments for the sites

  • The state of North Rhine-Westphalia, where Evonik is based, said last week that jobs at Evonik and its independent development must not be jeopardised by a takeover

  • The state parliament is set to debate the issue on Wednesday



($1 = 0.8947 euros)

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