Evonik rejects BASF’s improved takeover offer and refuses talks
German chemicals group Evonik has said no to takeover talks with its larger rival BASF. Its executive board decided on Friday, 30 October, not to enter negotiations after reviewing a letter from BASF, dated 22 October, expressing interest in a voluntary public takeover offer.
Reuters reported that BASF had raised its offer to €24 per share, valuing Evonik at about €11.18 billion (around $12.5 billion). That was up from €22.15 per share, an earlier offer Evonik had rejected in September. Evonik’s own statement did not name a price.
In its statement, Evonik said the board “remains focused on its strategic direction and further development of Evonik as an independent company”. It did leave one door open: a purely informational and confidential exchange, so Evonik can explain its position and BASF can set out the reasons behind its interest.
BASF said it was surprised by the refusal, pointing to what it called the attractive offer and its extensive commitments on employees and sites. BASF chief executive Markus Kamieth has described a combination as a strong German response to global competition, while also saying BASF would not pursue a merger at any price.
Why it matters
A deal would have joined two of Germany’s biggest chemicals companies at a time when the industry faces tough competition from rivals in Asia and the Middle East. Evonik’s refusal shows its board believes the company is worth more on its own — or at least more than BASF has offered so far. Jobs and factory sites in Germany are also at stake, which is why BASF has stressed its promises to protect them.
What happens next
Watch whether BASF raises its offer again or walks away, and whether the confidential exchange Evonik offered actually takes place. Evonik is due to publish its third-quarter results on Tuesday, 3 November, which will put the focus back on its own performance. Its shares closed on Friday at €21.06, below the €24 BASF is reported to have offered.
This article is for general information and education only. It is not legal or financial advice.
Sources
- https://www.evonik.com/en/news/press-releases/2026/10/ad-hoc-statement-board-evonik.html (Evonik, 30 October 2026)
- https://www.globalbankingandfinance.com/evonik-we-ready-negotiate-basfs-sweetened-bid/ (Reuters via Global Banking & Finance, 30 October 2026)
- https://www.morningstar.com/news/dow-jones/202610306258/basfs-125-billion-takeover-bid-for-evonik-rebuffed-update (Dow Jones via Morningstar, 30 October 2026)
- https://www.ad-hoc-news.de/boerse/unternehmensnachrichten/evonik-to-basf-we-ll-talk-but-not-about-a-deal/70437559 (ad-hoc-news, 31 October 2026)
