Evonik stock held back as BASF rules out overpaying

BASF is keeping a possible combination with Evonik conditional on value creation for its own shareholders. CEO Markus Kamieth said on Wednesday, October 28, that BASF would not pursue a merger at any price, according to Reuters.

Reuters reported that people close to the potential deal had put BASF's latest approach at 24 euros per Evonik share, implying an equity value of 11.18 billion euros. The report said the figure followed an earlier proposal of 22.15 euros per share that Evonik had rejected as too low. The companies have not confirmed a formal public offer, so the reported price remains an indication rather than a transaction term.

Price discipline limits deal expectations

Kamieth's comments make the valuation hurdle explicit. BASF would pursue a potential transaction only if it were value accretive for BASF shareholders, while the company also presented a combination as a strategic option rather than a necessity. For Evonik investors, that stance can limit expectations for a further increase in the reported approach and keeps the outcome dependent on negotiations.

In a statement published by BASF, the company said existing site agreements would be taken over in a combination and compulsory redundancies would remain ruled out until 2032. BASF also pointed to potential benefits from combining Evonik's specialty-chemicals activities with its integrated production network, including feedstock, procurement, infrastructure and research advantages. The company said the comments were not a public offer.

Results add a near-term test

Evonik's next scheduled catalyst is its third-quarter report on Tuesday, November 3, 2026. The results may shape how investors assess the standalone business while the takeover discussion remains unresolved.

Evonik stock traded at 21.07 euros on Lang & Schwarz at 10:47 CET on Friday, October 30, 0.24 percent above the Xetra close of Thursday, October 29. The quote was below the reported 24-euro approach, leaving the market focused on both the credibility of the bid and Evonik's operating performance.

For investors, the central distinction is between a reported approach and a binding offer. A formal offer, agreement and the required shareholder and regulatory steps would be needed before the reported price could become an actionable transaction reference. The spread between the market price and the reported approach therefore continues to reflect deal uncertainty as well as expectations for Evonik's business.

View the real-time quote of Evonik stock for the latest Lang & Schwarz price.

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