BASF to honour Evonik's commitments on sites and jobs in case of takeover, CEO says
EVO•BASF CEO Markus Kamieth said the company would honour Evonik's job-protection agreements through 2032 if it acquires the company. Sources close to the matter said Evonik rejected BASF's €10.3 billion offer as too low.
1. BASF pledges job protections
BASF CEO Markus Kamieth said the company would honour Evonik's existing agreements to preserve jobs if it acquires the company. Compulsory redundancies would remain off the table until 2032, he said, and collective bargaining agreements and social partnership would remain intact. Kamieth also said one future executive board member of a combined group would be based at Evonik's current headquarters in Essen.
2. Offer rejected as too low
Evonik said in September that BASF had approached it about a possible takeover. Sources close to the matter said Evonik rejected an offer of €10.3 billion, or €22.15 per share, as too low. Kamieth said BASF was ready for discussions, but a merger would not happen “at any cost.”
3. Evonik explores US targets
Two people familiar with the matter said Evonik had been exploring an acquisition of US rival Ashland for some time, among other potential US targets. Evonik CEO Christian Kullmann has previously said the company wants to play an active role in industry consolidation.
