BASF approaches rival Evonik with merger proposal, FT reports

By Reuters News

BERLIN, Sept 25 (Reuters) - Germany's BASF has approached rival Evonik and its largest shareholder, the RAG Foundation, with a proposal for a merger, the Financial Times reported on Friday, sending Evonik shares to a three-month high.

A source familiar with the matter told Reuters on Friday that Evonik was currently not aware of any takeover approach by BASF.

Evonik shares were up 8% at 1158 GMT, while BASF gained 0.5%.

An Evonik spokesperson declined to comment on the report.

BASF could not immediately be reached for comment.

The FT cited sources as saying that BASF had been speaking to banks about a possible takeover since earlier this year.

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