German chemicals company Evonik is standing by its independence despite the company’s management meeting with representatives of BASF for the first time to discuss a possible takeover. Handelsblatt reports this, citing sources familiar with the matter.
The meeting took place on Saturday in the Frankfurt area and brought together the companies’ CEOs, finance chiefs and advisers. According to the reports, it involved an informal exchange of information rather than concrete negotiations.
During the meeting, Evonik is said to have emphasized its intention to continue as an independent company and presented how it plans to increase its value in the coming years. No concrete acquisition negotiations are expected at present.
Bloomberg News previously reported that BASF had raised an indicative offer to around 24 euros per share, equivalent to more than 11 billion euros.
