BASF takeover bid for Evonik sparks political backlash in Germany

BASF’s interest in acquiring Evonik has triggered significant political opposition in North Rhine-Westphalia. Jochen Ott, chairman of the SPD parliamentary group, has criticized the potential takeover, describing it as an ‘attack on the lifeblood of the Ruhr area’ and warning against the ‘sell-off’ of the region’s industrial base.

Ott has submitted several formal inquiries to the state government, questioning when Minister President Hendrik Wüst became aware of the takeover initiative and whether meetings took place between Wüst and BASF CEO Markus Kamieth. Ott criticized Wüst for failing to take an active stance to protect the industrial structure, noting that Evonik employs over 11,000 people across ten locations in North Rhine-Westphalia alone.

While BASF has made a non-binding offer valued at approximately 10.3 billion euros (22.15 euros per share), Evonik’s management has stated they are currently not engaged in any discussions with BASF. The company emphasized its focus on its own internal tasks. The RAG-Stiftung, a major shareholder in Evonik, has also been urged by opposition politicians to monitor the situation closely to prevent what they term ‘casino capitalism’ from undermining the region's chemical industry.