Evonik still against takeover by BASF after talks, Handelsblatt reports

DUESSELDORF, Nov 9 (Reuters) - German chemicals maker Evonik reaffirmed its opposition to a proposed takeover by suitor BASF as management from both companies held talks over the weekend, Handelsblatt reported on Monday, citing sources.

Evonik shares fell 2.1% after the report.

The company at the end of October rejected BASF's sweetened takeover offer, which valued Evonik at €11.18 billion ($12.48 billion), or €24 per share, but asked the suitor's management to elaborate on the rationale for its bid.

The CEO of BASF, one of the world's largest chemical companies by revenue, has suggested the proposed takeover would offer a strong response to global consolidation in the industry, while stressing it would not overpay.

But Evonik at the weekend meeting stated that its specialty chemicals business would be better positioned to thrive within its own planned corporate structure, Handelsblatt reported.

The companies parted ways without establishing a roadmap for any concrete negotiations, according to the sources cited by Handelsblatt.

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.

Evonik'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.

Two people familiar with the matter confirmed to Reuters on Monday that the meeting between the chief executives and chief financial officers of Evonik and BASF had taken place over the weekend.

($1 = 0.8961 euros)

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