Evonik confirms takeover approach from BASF

Essen, Germany – Evonik Industries has confirmed receiving a ‘non-binding approach’ from BASF regarding a potential takeover of the German speciality chemicals group.

In a 25 Sept regulatory disclosure responding to recent media reports, Evonik said BASF had approached the company regarding a “voluntary public takeover offer for all shares of the company.”

Evonik stressed that the approach was non-binding and that “currently there are no talks taking place.”

The company said it did not intend to comment further on the matter beyond its legal disclosure obligations.

The bid follows a recent announcement by Evonik to execute further restructuring to enhance profitability. 

As part of the efficiency programme, Evonik said it intended to sell its C4 business, which includes two European production facilities and produces 1,3-butadiene, 1,2-butadiene, and isobutene, which could be used as raw materials in the production of synthetic rubbers. (ERJ report)