BASF RAISES EVONIK TAKEOVER BID TO €11.2 BILLION

BASF has lifted its takeover offer for German rival Evonik to €24 per share, pushing the total deal value to €11.2 billion, up from the €10.3 billion bid Evonik rejected weeks earlier. The new price sits about 39% above where Evonik ($EVKIY) traded before BASF's ($BASFY) interest became public, and BASF pledged no forced layoffs through 2032 to win over Evonik's board and its top shareholder, the RAG Foundation. Evonik shares still trade near €21.50, below the new offer, so the market isn't yet pricing in a done deal.