Evonik rejects takeover bid from BASF

Evonik has officially declined to enter takeover negotiations with competitor BASF, stating that its board remains focused on its strategic direction as an independent company. While rejecting a voluntary public takeover offer, Evonik expressed a willingness to engage in purely informative and confidential exchanges to explain the positions of both parties.

BASF had reportedly offered 24 euros per share, which would represent a premium of nearly 40 percent over the uninfluenced closing price. BASF CEO Markus Kamieth argued that a merger would be a logical step for the European chemical industry, creating a more competitive global player. BASF also provided assurances regarding the preservation of jobs and production sites to support its bid.

Following the announcement, Evonik shares faced downward pressure. Meanwhile, BASF reported strong third-quarter results, including a 14 percent increase in revenue and a 15 percent rise in EBITDA. Consequently, BASF raised its 2026 annual forecast for adjusted EBITDA to a range of 7.4 to 7.8 billion euros.