Evonik Rejects BASF's €10.3 Billion Acquisition Offer, Citing Low Valuation

Evonik Industries AG (EVKIF.PK) has rejected a €10.3 billion acquisition offer from rival BASF SE (BAS.DE), according to a Financial Times report. The proposal was deemed too low to justify negotiations or due diligence. The rejection marks a setback for BASF's attempt to consolidate its position in the specialty chemicals sector. Evonik's board determined the offer undervalued the company, halting any potential deal discussions. Specific financial terms beyond the total offer value were not disclosed. Neither company has issued an official public statement on the reported bid.