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"There is a rumor that Dow Chemical wants to offer 70 to 80 euros (per share) for Lanxess," one of the traders said.
Shares in Lanxess, which has a market value of 5.1 billion euros ($6.9 billion), were up 4 percent at 63.73 euros.
Lanxess and Dow Chemical declined to comment on the rumors.
Dow Chemical said, though, it will continue to use its cash to pay down its $20.99 billion debt load and for shareholders.
Reporting by Hakan Ersen, David Brett, Francesco Canepa, Andrea Lentz, Frank Siebelt and Ernest Scheyder; Writing by Maria Sheahan