Evonik likely to reject BASF's sweetened $12.5 billion bid, FT reports (updated)
UPDATE 2-Evonik likely to reject BASF's sweetened $12.5 billion bid, FT reports Changes dateline and headline, adds Evonik's response in bullet 3
Oct 30 (Reuters) - German chemicals firm Evonik EVKN.DE is expected to reject a sweetened €11.18 billion ($12.48 billion) takeover offer from rival BASF BASFN.DE, deeming it too low, the Financial Times reported on Thursday, citing people familiar with the matter.
Evonik considers BASF's bid of €24 per share as undervaluing the company and could make a statement in the coming days, the report said
Evonik could be open to future talks if BASF improves its offer further and gives more clarity on the merits of a tie-up, but currently prefers to pursue its standalone strategy, the report said
Evonik declined to comment. BASF did not immediately respond to Reuters requests for comment outside regular business hours
Chemical company BASF improved its bid last week from an original €22.15 euros per share, which Evonik had rejected in September
Evonik has also been eyeing a $3.3 billion acquisition of US specialty chemicals firm Ashland, which BASF considers too risky
($1 = 0.8957 euros)
(Reporting by Rodrigo Ramirez in Mexico City; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)
((rodrigo.ramirez@thomsonreuters.com; +52 444 235 4054))
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