Evonik Board Rejects BASF Overture, Leaving €24 Bid on the Table Without a Table
Published on 10/30/2026 at 18:22 | Editorial boerse-global.de
Evonik's supervisory board has turned down negotiations over a voluntary public takeover offer from BASF, opting instead to keep the company independent — while leaving a narrow channel open for purely informational, confidential exchanges. The decision, announced today, stops short of a complete break: no takeover talks are underway, but the two sides are not entirely out of contact either.
The refusal puts a spotlight on the gap between what BASF is willing to pay and what the market currently thinks Evonik is worth. Reuters reports the offer stands at €24 per share, against a pre-announcement price of €20.96. The spread makes the bid a key reference point for investors, though it is not a guaranteed future share value.
A Sweetened Bid That Still Fell Short
BASF had already raised its offer once. According to the Financial Times, the improved proposal values Evonik at roughly €11 billion, or €24 per share — up from an initial €22.15 that Evonik rejected outright. The renewed increase evidently did not close the gap between bidder and target.
Price alone, however, was never the whole story. Evonik is pressing for a clearer explanation of the strategic rationale behind a merger, and the board's stance suggests that even a higher number would need to come with a more convincing case for the combination. A rejection on those grounds would not necessarily end the takeover ambitions: at a sufficiently higher price and with a stronger strategic argument, Evonik could yet prove willing to talk.
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The RAG Foundation Holds a Decisive Card
Any deal would also need the backing of Evonik's largest shareholder. The RAG Foundation owns roughly 43.8% of the company, and its support is a prerequisite for any transaction. An understanding between the two management teams alone would not be enough.
The foundation's board of trustees is reportedly due to meet again soon, according to WAZ. That gathering could prove significant: should it signal openness to negotiations, the conditions for a rapprochement would improve. No approval can be inferred from the scheduled meeting itself, but a higher price would then become part of a genuinely negotiable package rather than a demand hanging in the air.
There is also a distinction to be drawn between past contacts and live talks. Chemical Processing reports that BASF has confirmed exploratory discussions with Evonik and the RAG Foundation, while Evonik maintains that no talks are currently taking place. For investors, an explicitly confirmed resumption of negotiations would be a far more substantive signal than another general expression of interest.
Independence Has a Price Tag of Its Own
Evonik is not waiting on BASF. The company is pursuing a standalone strategy that includes possible acquisitions, job cuts and plant closures, and it is said to be among the interested parties in Ashland. None of these plans amounts to a realized result yet, but together they form the alternative to a merger — and the yardstick against which the board's defiance will ultimately be judged.
A concrete checkpoint arrives on 3 November 2026, when Evonik publishes its Q3 quarterly statement. The report is likely to be read chiefly for what it says about the value of the standalone business. Convincing operating signals could lend the shares support from the business itself rather than from takeover hopes alone, strengthening the board's hand. They would neither pre-empt nor rule out an agreement with BASF.
The standalone path also includes the planned sale process for Syneqt, which Evonik intends to launch in 2027. Reuters reported on Tuesday that a spokesperson for Syneqt's management had spoken out in favor of the chemical park operator's independence. For a positive re-rating, Evonik would need to show how such projects feed into its own development trajectory. The process is not a completed sale.
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What the Market Is Really Pricing
BASF responded to the rejection with incomprehension, according to Reuters, while pointing to commitments made for employees and sites. Those differing positions remain unresolved, and the market's reaction underscored how sensitive the stock is to the status of the conversation: dpa-AFX reported the shares fell in pre-market trading after news of the refusal broke. That is not evidence against Evonik's strategy — but it shows that the prospect of takeover negotiations matters for the share price.
The risk for investors is twofold. Disappointing corporate news could deepen doubts about the standalone course. At the same time, takeover speculation could lose its pull if the informational exchange yields no rapprochement. Either development could weigh on the valuation without any formal end to contact being required.
An attractive offer, in other words, can remain economically inconsequential for shareholders as long as the parties fail to find common ground. Until Evonik convincingly underpins its independent course, the comparison with BASF's €24 bid will only grow sharper. A public statement from Evonik could follow in the coming days, per the Financial Times, and investors should watch above all for concrete conditions for talks — a rejection with clearly named prerequisites reads very differently from a blanket refusal of any combination.
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