Evonik: we are not ready to negotiate BASF's sweetened bid

DUESSELDORF, Oct 30 (Reuters) - German chemicals group Evonik said on Friday that BASF's sweetened takeover offer was insufficient to start formal deal negotiations but it has asked the suitor's management to elaborate on the rationale of its bid.

"The Executive Board remains focused on its strategic direction and further development of Evonik as an independent company," it said in a statement.

BASF last week made a sweetened takeover offer worth €11.18 billion ($12.48 billion) or €24 per share.

BASF, one of the world's largest chemical companies by revenue, improved its bid last week from an original €22.15 per share, which Evonik had rejected in September.

(Reporting by Matthias InverardiWriting by Ludwig BurgerEditing by Sabine Wollrab and Kirsti Knolle)