India, Sept. 28 -- Evonik Industries AG (EVKIF.PK) has rejected a 10.3 billion euros acquisition offer from its larger rival BASF SE (BAS.DE) as the proposal was too low to warrant negotiations or due diligence, according to a report by The Financial Times.
Multiple media reports pointed out that BASF offered about 22.15 euros per Evonik share, bringing the enterprise value of Evonik to 14.2 billion euros.
In a previous report, FT noted that 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.
Evonik's shares were trading at 19.27 euros...