Germany's chemical giant BASF approached rival Evonik Industries about an acquisition, the UK's Financial Times reported, citing people familiar with the matter. If completed, the deal could further accelerate consolidation in Europe's chemical industry.
Germany's major chemical company BASF approached rival Evonik Industries with an acquisition proposal, the Financial Times reported, citing people familiar with the matter. The article did not provide details of the proposal's specific terms and conditions.
The acquisition is reportedly driven by efforts to promote market concentration through consolidation in Europe's chemical industry, with strengthening capacity and scale to compete with rivals in China and the United States cited as a goal. People familiar with the matter said that Evonik's largest shareholder is RAG Foundation and that an acquisition proposal had been presented.
Nikkei reported the information based on the Financial Times' report. As of now, no follow-up report or official announcement has been confirmed. The information remains limited to accounts attributed to people familiar with the matter.