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Evonik rejects BASF takeover bid

Evonik rejected a sweetened 12.5 billion dollar takeover offer from BASF. The German chemicals group remains unconvinced by the industrial logic of a merger.

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The logo of German specialty chemical company Evonik Industries AG is pictured at their plant in Bitterfeld, Germany, February 29, 2016.

Evonik Industries AG rejected a sweetened $12.5 billion takeover offer from BASF SE on Friday, citing a lack of industrial logic for a merger.