Evonik Rejects BASF Takeover Talks, Affirms Independence; Shares Down 0.57%

Evonik Industries AG (EVK.DE) said Friday its Executive Board declined to enter takeover negotiations with BASF SE following a review of BASF's letter expressing interest in a voluntary public takeover offer. Evonik said it remains committed to its existing strategic direction and to developing the company as an independent business. BASF sent the letter on October 22 outlining its interest in a potential offer. Evonik said it is nonetheless willing to hold a confidential, informational exchange with BASF, allowing Evonik to explain its position while BASF outlines the rationale and key considerations behind its takeover interest. EVK.DE was trading at EUR 20.90 on XETRA, down EUR 0.12, or 0.57 percent.