Evonik insists on independent development, refuses to negotiate with BASF over EUR10 billion acquisition

Evonik Industries (EVKIY.US) said it will not negotiate with BASF (BASFY.US) over a takeover, even as the larger German chemicals giant seeks to acquire the company for EUR10.3 billion (USD11.5 billion). Evonik Industries said Friday that its executive board "remains focused on the company's strategic direction and on driving Evonik's further development as an independent company." Evonik also said it remains willing to communicate and will participate in "purely informational and confidential exchanges" to explain its position to BASF. Evonik shares rose 0.7% in early Frankfurt trading on Friday. The stock is up 57% year to date. BASF made a takeover offer to Evonik at EUR22.15 per share in September, which Evonik rejected on the grounds that the offer was too low, after which BASF raised the offer to about EUR24. BASF has since signaled it could raise the offer further if Evonik agrees to negotiate. In recent weeks, BASF has stepped up its efforts, offering to maintain existing employment protection commitments through 2032.