Evonik considers US acquisition of Ashland amid BASF takeover bid

German specialty chemicals company Evonik is exploring a major acquisition in the United States, specifically targeting Ashland. This move appears to be part of a strategic effort to reduce the company's heavy reliance on European markets. Currently, 48 percent of Evonik's revenue is generated in Europe, the Middle East, and Africa, while the Americas account for 29 percent. A successful acquisition of Ashland would help shift this balance toward a more global distribution.

This potential acquisition comes as Evonik faces its own takeover interest from BASF, which has been actively campaigning for an acquisition of Evonik. Reports indicate that Evonik's exploration of the Ashland deal began prior to BASF's public advances in late September, suggesting a parallel strategic approach rather than a purely reactive one.

Ashland, which is listed on the New York Stock Exchange, is valued at approximately 3.3 billion dollars, with an enterprise value of around 4.3 billion dollars including debt. The company has been exploring sale options for months following pressure from activist investors. In addition to Evonik, financial investors such as Advent, Apollo, and Carlyle have reportedly expressed interest, which may drive the acquisition price higher.