Evonik (EVK GY) has rejected the bid from BASF (BAS GY), FT reports citing sources

A rejected approach in the European chemicals space follows a familiar sequence: the target's initial rejection rarely ends the matter, and prior episodes of this kind have tended to see the suitor either return with improved terms, go hostile, or walk, with the first two paths both supportive of the target's equity in the near term. The standard tells are whether the rejection language is absolute or leaves room for price, whether a competing bidder or white knight surfaces, and whether the bidder's statement hints at a willingness to raise. Sector context matters here: large-cap chemicals combinations have historically faced close antitrust and works-council scrutiny in Germany, and overlapping product lines invite divestiture demands that can erode the synergy case, which is part of why unsolicited approaches in this industry have a mixed completion record. For the acquirer, the established pattern is a modest negative reaction where the bid is seen as signalling limited organic growth options or balance sheet stretch; for the target, shares tend to reprice toward any speculated offer level and hold a strategic premium while the process stays alive. Worth noting the sourcing: FT-cited sources rather than company statements, so the next formal confirmation or denial from either party is the immediate follow-on, alongside any minimum-price disclosure obligations under German takeover rules if an offer becomes public. Until then the report is directional rather than actionable fact.