On Sept. 25, we received word that BASF was in talks to take over Evonik Industries in a deal that would combine the largest chemical maker in Germany—and indeed, the world—with the second largest in that country.
Since then, the only news that has trickled out is that Evonik rejected a €10.3 billion ($11.5 billion) offer from BASF. The bid represented a modest premium compared with Evonik’s recent stock price—but not enough to convince Evonik management to strike a deal.
