Evonik rejects USD 12.6B takeover bid from BASF
Evonik’s board had carefully reviewed the proposal and, based on the information available, decided not to enter negotiations.
GERMANY – Evonik’s board of directors formally rejected BASF’s second, improved takeover approach on Friday, October 30, 2026.
The proposal, outlined in a letter dated October 22, 2026, expressed BASF’s interest in making a voluntary public takeover offer.
It reaffirmed its commitment to pursuing Evonik’s strategic development as an independent company.
BASF’s revised proposal offered EUR 24 (USD 27.04) per share, approximately 39% above Evonik’s unaffected closing share price, and valued the company at around EUR 11.2 billion (USD 12.62 billion).
BASF described Evonik’s refusal as difficult to understand given the offer’s terms, which it said included extensive assurances concerning employees and company locations.
Although Evonik declined formal negotiations, its board indicated that it would be willing to participate in an informal, strictly informational and confidential exchange with BASF.
Such discussions would allow Evonik to clarify its position while giving BASF an opportunity to explain its motivations and the considerations it viewed as important.
Earlier that week, BASF Chief Executive Markus Kamieth reiterated his interest in Evonik while presenting BASF’s latest quarterly results.
He described a potential combination as strategically logical, pointing to consolidation already taking place across Europe’s chemicals industry and BASF’s ability to participate actively in that process.
However, he stressed that an acquisition was not essential to BASF’s strategy and that the company would not pay an excessive price. Any transaction, he said, would need to deliver economic value for shareholders.
The RAG Foundation would also be a significant factor in any potential takeover, as it owns approximately 43% of Evonik’s shares.
Income generated from this investment and its other holdings helps the foundation meet the long-term financial obligations arising from Germany’s legacy mining operations.
The move comes after BASF reportedly increased its proposed acquisition of Evonik to more than €11 billion (USD 12.23 billion), equivalent to roughly €24 (USD 26.83) per share.
The German chemicals company had previously offered about €22.15 (USD 25.16) per share, which placed Evonik’s equity value at €10.3 billion (USD 11.7 billion); that earlier proposal was reportedly rejected as insufficient.
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