BASF Rules Out Overpaying for Evonik After Profit Hike
BASF CEO Markus Kamieth stated the company will not overpay for Evonik after raising its annual earnings outlook. The German chemical giant reported stronger third quarter sales driven by price increases.
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BASF SE will not overpay for Evonik Industries AG, its CEO said on Wednesday, after raising its full-year outlook for the second time this year. The German chemicals giant raised its takeover offer to €24 per share, valuing its domestic peer at €11.18 billion ($12.43 billion). The revised proposal follows stronger-than-expected quarterly sales driven by regional price hikes.
