BASF's Deal Pipeline Is All Paper, but the Buyback Is Already Done
Published on 10/23/2026 at 13:41 | Editorial boerse-global.de
BASF has spent the past week sketching out a future it has not yet committed to. Between a nylon joint venture, a contested Evonik approach and a Taiwan expansion, Europe's largest chemicals group has signed nothing binding — yet it has quietly been putting real money to work in its own stock.
That gap between intention and execution is the thread running through everything the Ludwigshafen-based company has disclosed. Shareholders now have a clear way to sort the news: measures already carried out, intentions formally agreed, and mergers that remain no more than possibilities.
A buyback that actually happened
The one item in the "completed" column came on Monday, when BASF reported repurchasing 451,622 of its own shares over the trading days from October 12 through October 16 inclusive. Unlike the strategic announcements that dominated the week, the buyback is a finished capital measure rather than a proposal.
Highsun: a 50:50 idea, not a done deal
Also on Monday, BASF and Highsun Holding Group put pen to paper on a non-binding letter of intent. The two are examining whether to fold their respective European operations along the polyamide-6 value chain into a possible 50:50 joint venture. Extrusion activities worldwide outside North America are under review as well.
Should investors sell immediately? Or is it worth buying BASF?
Two details matter for anyone trying to value the move. First, the geographic carve-out: North America is explicitly excluded from the extrusion scope. Second, the legal status — a letter of intent is not a completed combination, so the agreement describes a possible future structure rather than a restructuring already underway. Treating the review as a settled overhaul of the business would be premature.
Evonik: guarantees offered, price still in dispute
On the merger front, CEO Markus Kamieth publicly made the case yesterday for a takeover of Evonik. Should a combination go ahead, he pledged to honor existing site agreements, with compulsory redundancies ruled out through 2032. At the same time, BASF said it is not chasing a deal "at any price."
The remarks pair commitments for a hypothetical merger with an explicit limit on how far BASF will go — they are neither a completion notice nor an unconditional purchase obligation. According to Reuters, Evonik rejected an initial BASF offer of roughly €22.15 per Evonik share as too low, leaving the two sides at different positions.
Taiwan: expanding what already exists
A second letter of intent, signed Tuesday with Taiwan's Ministry of Economic Affairs, covers an expansion of the Taoyuan site for semiconductor materials. The plan envisages additional production capacity, improved quality analysis and a larger innovation center. Unlike the merger talk, this concerns scaling up an existing facility — but the letter of intent remains the operative status here too.
BASF at a turning point? This analysis reveals what investors need to know now.
Bernstein stays bullish, without upgrading
Bernstein Research reaffirmed its "Outperform" rating on BASF on Tuesday with a €61 price target. Analyst James Hooper's sector outlook flagged the potential impact of takeovers and mergers as well as the agricultural cycle, including the possible Evonik deal. The note was a confirmation, not an upgrade, tying the stock's valuation to strategic options and cyclical factors without prejudging how the Evonik situation will end.
The next hard number arrives October 28
BASF has scheduled publication of its Q3 2026 quarterly statement for 7:00 a.m. CET on October 28, 2026, with a press conference to follow at 10:30 a.m. CET. That release is the next occasion to judge operating performance on its own terms. The strategic projects provide context but are no substitute for actual figures — a distinction that cuts to the heart of the investment case, since both the Highsun venture and the Evonik approach are potential changes, while the quarterly statement reports on how the business is actually performing.
Ad
BASF Stock: New Analysis - 23 October
Fresh BASF information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
