Evonik remains opposed to BASF bid after meeting, says person familiar with the matter

DUESSELDORF, Nov 9 (Reuters) - Evonik continues to reject BASF's increased takeover offer even after top executives of both companies met over the weekend for initial discussions of the approach, a person familiar with the matter told Reuters.

No further meetings are currently scheduled, the source added.

Already last month, German chemicals group Evonik voiced opposition to larger peer BASF's sweetened takeover offer, saying it was not enough to start formal deal talks.

BASF, one of the world's largest chemical companies by revenue, earlier in October had made an improved offer worth €11.18 billion ($12.5 billion) or €24 per share.

A deal would be a "strong German response to global competition", BASF CEO Markus Kamieth has said.

An initial bid of €22.15 per share was rejected by Evonik in September.

The target's products include high-tech plastics and feed additives, as well as ingredients for coatings and household products. BASF makes engineering plastics, superabsorbent polymers, vitamins and chemicals for industrial uses.

Handelsblatt newspaper, which first reported on Evonik's renewed rejection of BASF's deal overtures, said Evonik has used the weekend meeting to argue it was better positioned within its own planned corporate structure. 

BASF has said it would honour existing agreements to preserve jobs made by Evonik in the event of an acquisition and warned that more painful takeover approaches from abroad were looming.

BASF and Evonik declined to comment on the meeting, and did not immediately respond to requests for comment on news that Evonik had stuck to its position.

(Reporting by Matthias Inverardi, additional reporting by Patricia Weiss; Writing by Linda Pasquini and Matthias Williams; Editing by Sabine Wollrab, Ludwig Burger, Jan Harvey and Louise Heavens)