North Rhine-Westphalia defends Evonik jobs as BASF takeover interest emerges
Political scrutiny is rising around Evonik after BASF approached the German chemicals group over a possible takeover. North Rhine-Westphalia says any deal must not put the company's jobs or independent development at risk.
Highlights
- North Rhine-Westphalia asserts Evonik jobs and independent development must be preserved after BASF's acquisition interest.
- Premier Hendrik Wuest's role on RAG Foundation's board gives the state influence over any sale of Evonik's largest shareholder stake.
- Evonik has already rejected BASF's 10.3 billion euro ($11.55 billion) takeover offer as too low, adding political obstacles to future deals.
State stance and shareholder influence
As reported by Reuters, North Rhine-Westphalia said on Monday that employment at Evonik and the company's ability to develop independently must not be called into question after BASF made an approach over a potential acquisition.The state's position matters because premier Hendrik Wuest sits on the board of trustees of RAG Foundation, Evonik's largest shareholder. Any sale of the foundation's stake would require approval from that board, giving the regional government indirect influence over any transaction.
Implications for Germany's chemicals sector
Evonik has already rejected a 10.3 billion euro, $11.55 billion, takeover bid from BASF as too low, according to sources close to the negotiations cited by Reuters last Monday.A spokesperson for the state government says Evonik is an essential part of the industrial base in the Ruhr region and North Rhine-Westphalia, adding that the company is firmly rooted locally in part because of its broad social commitment. The intervention signals that any future talks are likely to face political as well as financial scrutiny in one of Germany's main industrial regions.
In our earlier article on Sirius Real Estate’s double-digit rent roll growth, we reported that the investor boosted rental income through acquisitions and active asset management across Germany and the UK. We also noted its focus on expanding German industrial assets at attractive yields while maintaining ample liquidity and flexible funding to support further growth.
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