Evonik Shares Jump After Report on Takeover Approach by Rival BASF

Dow Jones09-25 20:24

1224 GMT - Shares in German chemical company Evonik rise nearly 10% following a media report suggesting a potential takeover approach by rival BASF. According to the Financial Times, BASF has made a merger proposal to Evonik and its largest shareholder, the RAG-Stiftung foundation. BASF has been in talks with banks about a possible takeover since earlier this year and continues to work on a potential deal, it says citing unnamed sources. BASF and Evonik declined to comment. Evonik shares are up 8.8% while BASF shares are down 2%.

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