German state defends Evonik independence
North Rhine-Westphalia officials stated that Evonik jobs and independence must be protected after BASF made a takeover approach. Evonik previously rejected a 10.3 billion euro bid as too low.
Xurve View
Insights:
Xurve View
Germany's North Rhine-Westphalia state government warned that EVONIK INDUSTRIES AG jobs and independence must remain protected following a €10.3 billion takeover approach from BASF SE late last week. The regional intervention highlights political hurdles facing the transaction as state officials monitor industrial stability in the Ruhr valley. Evonik rejected the initial offer as inadequate, according to people familiar with the negotiations.
