LUDWIGSHAFEN (dpa-AFX) - Germany-based chemical producer BASF SE (BAS.DE) has approached its rival Evonik Industries AG (EVKIY.PK), a global specialty chemicals company, and Evonik's largest shareholder, the RAG Foundation, about a ?potential takeover, according to multiple media reports.
The potential takeover is expected to help the struggling German chemicals sector, which has been facing rising energy costs and weaker demand, Reuters reports.
According to the Financial Times, Essen-based Evonik has a market capitalization of 8.4 billion euros and an enterprise value of around 12 billion euros, including net debt. The two companies reported combined revenues of approximately 74 billion euros, equivalent to $84 billion, last year.
BASF was trading at 51.32 euros, down 1.87 percent on the XETRA.
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