Evonik rejects USD 11.7B BASF takeover bid
BASF’s shares were little changed after a 3.6% drop shortly after the company confirmed it was in exploratory talks with Evonik.
GERMANY – Evonik has rejected BASF’s €10.3 billion (USD 11.7 billion) takeover bid regarding it to be too low.
BASF offered at €22.15 (USD 25.14) per Evonik share; Evonik’s stock, which closed at €18.07 (USD 20.51) on Thursday before news of the approach, gained 2.4% to €19.84 (USD 22.52) on Monday.
This move comes shortly after BASF was exploring a potential takeover of specialty chemicals peer Evonik, a move that could significantly consolidate Europe’s chemical sector.
Both companies had confirmed that BASF has made an initial, non-binding approach, but stress that discussions are still at an early, exploratory stage.
BASF contacted Evonik and its largest shareholder, the RAG Foundation, about a possible deal.
Evonik’s executive board confirmed receipt of BASF’s non-binding approach regarding a voluntary public takeover offer for all shares, but said it will not comment further beyond its legal obligations or respond to related inquiries.
BASF stated that the course and outcome of the talks remain open and explained that, as part of its corporate strategy, it continuously evaluates acquisition options that strengthen its core businesses, deliver strategic fit, drive profitable growth, and create value.
Both BASF and Evonik are upstream chemical and petrochemical suppliers that produce polymers, additives, and coatings used in packaging, as well as chemicals for personal care, health care, nutrition, and other applications; they are headquartered in Germany but operate globally.
The RAG Foundation’s roughly 43% stake in Evonik makes its position pivotal in any potential transaction.
Germany’s chemical industry is a cornerstone of national industrial output; per Cefic, it was the country’s third-largest industrial sector in 2025, with €220.4 billion (USD 250.8 billion) in turnover and accounting for 22% of EU chemical and pharmaceutical production.
BASF is one of the world’s largest chemical companies, with operations in 93 countries and 234 production sites across Europe, North America, Asia Pacific, South America, Africa, and the Middle East, and reported 2025 sales of approximately €59.7 billion (USD 68 billion).
Evonik posted 2025 sales of €14.1 billion (USD 16.1 billion) and adjusted EBITDA of €1.87 billion (USD 2.1 billion), with a market value of around €8.42 billion (USD 9.6 billion) as of September 25, 2026.
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