BASF Increases Bid for Chemicals Rival Evonik to Over €11 Billion

BASF SE has increased its takeover offer for German chemicals group Evonik Industries AG to more than €11 billion ($12.3 billion), according to people familiar with the matter. The boosted bid reflects BASF's determination to acquire Evonik, a major player in the chemicals sector. The deal, if completed, would create a larger combined entity in the global chemicals market.