Germany's BASF Approaches Evonik to Create Global Chemicals Giant

Germany's BASF, among the world's largest chemicals makers, has approached smaller peer Evonik ​over a possible takeover that could strengthen its portfolio as European companies face tough competition from China. BASF said ‌it continuously evaluated "the strategic option of acquisitions that strengthen its core businesses, deliver a strong strategic fit, drive profitable growth and create value" and was in exploratory talks. Evonik said earlier it had "received a non-binding approach from BASF regarding a voluntary public takeover offer for all shares of the company". RAG ​Foundation, which holds 43% in Evonik, also said it had been contacted by BASF regarding a takeover offer for ​Evonik.

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