Evonik's Next Test Is Operational, Not Negotiated: Q3 Results Land November 3
Published on 10/27/2026 at 07:00 | Editorial boerse-global.de
Evonik investors awaiting clarity on BASF's courtship will get something more concrete first. The Essen-based specialty chemicals group is scheduled to publish third-quarter 2026 figures on November 3, with the release set for 07:00 CET according to the exchange calendar. That date matters because it separates two things the market has been treating as one story: how the business is actually performing, and whether a change of control ever happens.
The distinction is not academic. Reuters reported Friday, citing two people familiar with the transaction, that BASF has lifted its offer to EUR 24 per Evonik share — implying an enterprise value of roughly EUR 11.18 billion, up from about EUR 10.3 billion previously. An earlier bid of EUR 22.15 per share had been rejected by Evonik management as too low. None of this constitutes a signed deal, and the reported terms should be weighed as a possibility rather than a completed transaction.
A US Detour That Could Change the Board
While BASF sharpens its terms, Evonik has been working a different lever. According to a Handelsblatt report, the company is examining an acquisition of US-based Ashland, a specialist in personal-care ingredients, and has mandated investment banks Perella Weinberg and JP Morgan to push the potential deal forward. The strategic logic runs in two directions: reducing dependence on the European home market, and complicating BASF's plans enough to preserve Evonik's independence as an MDAX-listed company.
Ashland was already on the radar of financial investors in late summer, when several private-equity houses signaled interest in the US group. For Evonik, a purchase would offer a way to tilt its portfolio toward higher-margin specialty segments outside Europe. Whether the company actually takes that step — or whether BASF's advances gather further momentum — now rests largely with Evonik's corporate bodies and the RAG-Stiftung.
Should investors sell immediately? Or is it worth buying Evonik?
The 44% Question
That foundation holds just under 44% of Evonik's shares, making it the pivotal voice in any takeover. BASF chief executive Markus Kamieth has moved to soften resistance among large shareholders, unions and politicians. On Thursday he said, according to Reuters, that BASF would honor existing employment commitments through 2032 in the event of a takeover. The package also includes protection against compulsory redundancies until that year, continuation of existing collective-bargaining and site agreements, keeping Essen as a headquarters with at least one board seat, and the possible continuation of chemical parks such as Marl and Wesseling.
Those pledges describe what would apply if a deal happens. They do not confirm that one will. Running in parallel, Evonik is pursuing its own cost-cutting and restructuring program, which envisions cutting around 3,200 jobs worldwide by the end of 2029.
What BlackRock's Filing Does and Doesn't Say
Ownership data added another data point. A BlackRock disclosure shows a total position in Evonik of 5.09% of voting rights, split between 3.92% held in shares and 1.16% in instruments. The breakdown matters: the aggregate figure cannot be equated with a pure equity stake, and the filing says nothing about how BlackRock views a potential offer.
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On the product front, Evonik said on October 20 that it had introduced two new VESTAKEEP PEEK grades, DC4760 and DC4780, for long-term dental prosthetics, offered as rods or CAD/CAM discs. The launch documents an expanded product range but carries no quantified economic contribution yet — which is precisely why the November 3 numbers will say more about the business than any single product announcement.
At the market level, Evonik shares were quoted at EUR 21.16 today, still well below the discussed BASF bid, putting the specialty chemicals maker's market capitalization at EUR 9.78 billion. For investors, the takeaway is a pair of separate yardsticks: the quarterly figures measure the operating business, while the takeover question — offer price, employment guarantees, the RAG-Stiftung's stance and the Ashland option — remains an unresolved track of its own.
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