BASF Approaches Evonik for Potential Takeover
German chemicals maker BASF has approached smaller peer Evonik regarding a potential voluntary public takeover. The exploratory talks come as European firms face increasing competition from Asian rivals and rising energy costs.
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BASF SE has approached smaller rival Evonik Industries AG over a potential takeover to build a €55B chemicals giant. The move comes as European producers face mounting competition from China. Evonik is valued at €9.2B compared with BASF's €45.8B market capitalization.
