Evonik's €24 Bid Needs More Than a Higher Number
Published on 10/26/2026 at 06:01 | Editorial boerse-global.de
BASF has raised its offer for Evonik to €24 per share, valuing the specialty chemicals group at roughly €11.18 billion, but the sweetened bid has yet to move the two sides any closer to a signed deal. Reuters reported the increased proposal on Friday, citing two people familiar with the matter, and Evonik shares climbed 3.4% in response. The stock closed the session at €21.40 — still below the reported offer price, a gap that neatly captures how much remains unresolved.
Evonik has said it will examine the revised approach, according to dpa-AFX. That is a statement of process, not of intent. The company turned down an earlier, lower BASF offer in September and has so far declined to enter talks about a combination; no formal negotiations are underway. Reading Friday's review announcement as either a fresh rejection or an acceptance would be a mistake.
The owner holds the whip hand
Price alone will not settle the matter. The RAG-Stiftung, which owns about 43% of Evonik's shares, is the pivotal player in any takeover poker game, and its stance is what ultimately determines whether BASF's push succeeds, the SĂĽddeutsche Zeitung reported. A richer bid does not by itself constitute a breakthrough.
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BASF chief executive Markus Kamieth is meanwhile trying to soothe concerns among politicians and workers. In a video message published on Thursday, he pledged no compulsory redundancies through 2032 in the event of a takeover, and said collective bargaining agreements and co-determination would be preserved. Those commitments speak to the terms of a possible combination rather than its purchase price — and they apply only if a deal happens. They are not evidence that one has been agreed.
The charm offensive extends beyond job guarantees. BASF believes continued operation of the Marl and Wesseling chemical parks is feasible, according to its own assessment. The operator up for sale, Syneqt, employs around 3,500 people. BASF has also indicated that Essen — or at least North Rhine-Westphalia — should retain at least one board-level function. None of this amounts to a final decision on the future of those sites.
A buyer in one room, a shopper in another
Investors are weighing a second strand of the story. Handelsblatt reported on Thursday that Evonik is examining a multibillion-dollar acquisition in the United States, with a rival such as Ashland among the candidates. According to dpa-AFX, that takeover speculation had weighed on the share price. As with the BASF approach, the distinction between a review and a decision is what matters: the report confirms neither an agreed purchase nor any commitment to Ashland specifically.
Evonik thus finds itself cast in two roles at once — target of BASF's offer and potential acquirer in its own right. For interpreting Friday's share move, keeping the threads apart is essential. The higher BASF bid explains the gain. Whether Evonik accepts it, and whether the company pursues a purchase of its own, are separate questions entirely. Neither review, on the evidence available, amounts to a confirmed transaction decision.
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