Evonik Rejects BASF’s Improved €11.18 Billion Takeover Offer

German speciality chemicals manufacturer Evonik has declined to enter formal negotiations over BASF’s improved takeover offer, highlighting continued uncertainty around a potential major consolidation in the European chemical industry.

On 30 October 2026, Evonik confirmed that its Executive Board had reviewed BASF’s proposal but remained focused on developing the company as an independent business. BASF’s revised offer values Evonik at approximately €11.18 billion, equivalent to €24 per share.

This represents an increase from its initial offer of €22.15 per share, which Evonik rejected in September 2026. Despite declining formal negotiations, Evonik is open to a confidential, informational exchange. This would allow BASF to explain the strategic rationale behind the proposed acquisition.

BASF expressed surprise at Evonik’s decision and maintained that its offer was attractive. The company also highlighted its proposed commitments regarding employee protection and business locations.

The potential acquisition reflects growing consolidation pressures in the global chemicals market. BASF aims to strengthen its competitive position through greater scale and an expanded chemicals portfolio.

However, Evonik continues to prioritise its independent strategy and long-term development. The outcome could influence future mergers and acquisitions, the competition of speciality chemicals and the structure of Germany’s chemical industry.

Source: Reuters