BASF makes takeover approach for chemicals rival Evonik

BASF has made a takeover approach for its German chemicals rival Evonik. According to reports from the Financial Times, the acquisition of the 12bn euro group would represent a significant step toward consolidating the fragmented chemicals industry across Europe. This strategic move by BASF aims to integrate one of its primary competitors within the sector, potentially reshaping the competitive landscape of the European chemical market through this substantial corporate acquisition of the Evonik group.