Evonik rejects BASF takeover bid and criticizes timing

Evonik has officially rejected a takeover attempt by BASF, stating that the board remains focused on its strategic direction as an independent company. While Evonik expressed a willingness to engage in purely informative and confidential exchanges, it has refused to enter formal negotiations.

Evonik leadership criticized the timing of BASF’s exploratory offer, noting it was announced immediately after the company disclosed that CEO Christian Kullmann would be temporarily unavailable due to illness. CFO Michael Rauch described the timing as “really strange,” though BASF stated that its strategic processes are prepared over many months and are not linked to Kullmann’s health.

Despite the takeover pressure, Evonik reported strong third-quarter financial results, exceeding earnings expectations with an adjusted EBITDA of 629 million euros. The company has expressed optimism regarding its full-year outlook, aiming for the upper end of its 2.0 to 2.2 billion euro guidance range.