German chemicals group BASF is reportedly considering increasing its offer for Evonik after the speciality chemicals company rejected an initial takeover approach.

BASF is understood to have offered around €10.3 billion for Evonik. Evonik rejected the proposal as too low, according to reports. BASF confirmed in September that it had been holding exploratory discussions with Evonik and its largest shareholder, RAG-Stiftung, but said the course and outcome remained open.

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