Chemicals company BASF has raised its hostile bid for US rival Engelhard for a second time and "last time" in a last-ditch effort to win shareholder support. The deal would be the largest announced cross-border M&A deal by a German company this year.

BASF today raised its hostile bid for a second time, to $39 per Engelhard share. The German company's chief executive Jürgen Hambrecht said: "We want to make it very clear: This is our last, best and final offer. Under no circumstances will we raise our price again."