BASF takeover bid for Evonik rejected by major shareholder

BASF SE’s attempt to acquire Evonik Industries AG for approximately 10.3 billion euros has faced significant resistance. The RAG-Stiftung, which holds a 43 percent stake in Evonik, has maintained its rejection of the offer, which reportedly stood at 22.15 euros per share.

Evonik’s management has also rejected the non-binding approach. The potential takeover has sparked political debate in North Rhine-Westphalia. Minister-President Hendrik Wüst and other regional politicians have expressed concerns regarding the company’s independence, citing Evonik’s role as a major employer with over 11,000 staff and its importance to the regional industrial base.

While some political factions have suggested state involvement to protect the company, others argue for improving industrial conditions, such as lowering energy costs, rather than government intervention. The RAG-Stiftung, tasked with managing long-term mining legacy costs, remains a decisive factor in any potential deal.