German state says Evonik jobs, independence must not be called into question

By Reuters News

Oct 5 (Reuters) - The German state of North Rhine-Westphalia said on Monday that jobs at German chemicals group Evonik EVKn.DE and its independent development must not be called into question after BASF BASFn.DE approached the company over a possible takeover.

Evonik rejected a €10.3 billion ($11.55 billion) takeover bid by BASF as too low, sources close to the negotiations told Reuters last Monday.

North Rhine-Westphalia could play a key role in any potential takeover because state premier Hendrik Wuest sits on the board of trustees of RAG Foundation, Evonik's largest shareholder. Any sale of the foundation's shares would require the board's approval.

"The company is an essential part of our industrial base and, not least because of its wide-ranging social commitment, is firmly rooted in the Ruhr region and North Rhine-Westphalia," a spokesperson for the state government told Reuters on Monday.



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