Evonik Draws a Line on Financing Claims While BASF Courtship Stalls in Düsseldorf
Published on 10/17/2026 at 20:10 | Editorial boerse-global.de
Evonik has pushed back hard against suggestions that its balance sheet is anything other than sound, dismissing claims of problematic financing arrangements and pointing to recently upgraded credit ratings as proof. The rebuttal, reported by Handelsblatt, followed remarks from Michael Vassiliadis questioning the specialty chemicals group's financial footing — an accusation the Essen-based company rejected outright.
The exchange lands in the middle of a far larger question: whether Evonik remains independent at all. BASF made its first approach roughly three weeks ago, offering EUR 22.15 per share, a figure management swiftly branded too low. People close to the dpa-AFX news agency have indicated BASF would be open to discussing an improved price — but only after gaining access to Evonik's books. Evonik, for its part, has made clear that no negotiations are currently underway.
Politics Enters the Fray
North Rhine-Westphalia's state parliament became the latest venue for the debate. On Wednesday, Economy Minister Mona Neubaur came out against a merger, while a state stake in the company — a measure the opposition had demanded — was turned down. CDU politician Björn Franken told the chamber the same day that no binding offer had reached the group and that the executive board firmly rejects BASF's advances.
The RAG-Stiftung, Evonik's anchor shareholder, has kept its cards close. Its board of trustees had itself briefed on the Ludwigshafen interest but stopped short of passing any resolutions, steering both parties toward bilateral talks instead.
Should investors sell immediately? Or is it worth buying Evonik?
Labor representatives and site stakeholders have their own priorities, with job security at the top of the list. According to Reuters, BASF may be willing to commit to preserving German sites and honoring existing employee agreements.
A Floor Under the Shares
Analysts have been recalibrating. On October 5, Berenberg's Sebastian Bray lifted his rating from "Sell" to "Hold" and raised his price target from EUR 15.50 to EUR 20.00, reasoning that BASF's involvement could give the stock a dependable floor.
The market has already voted with its feet. Evonik closed Friday at EUR 21.32, putting it roughly 2.4% below the 52-week high of EUR 21.84 touched midweek. Year to date, the shares have climbed 60%, fueled largely by speculation about strategic interest from Ludwigshafen.
Oxeno Sale Nears the Finish Line
Beyond the ownership saga, Evonik is pressing ahead with reshaping its portfolio. The divestment of its C4 unit Oxeno has reached a decisive stage, with several financial investors and strategic bidders advancing to the second round. Final offers for the business are expected in November.
On the operating side, the group is also making moves in recycling — among them a partnership in Japan with Toyotsu Chemiplas and Sanyo Chemical covering the processing of polyurethane foam.
Investors will get a clearer read on the underlying business on November 3, when Evonik publishes its third-quarter 2026 report — a set of numbers that should show how the chemicals operations are performing beneath the consolidation chatter.
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