Evonik's Two-Way Strategic Bet: BASF's Sweetened €24 Bid Meets Political Pushback as US Expansion Talk Simmers
Published on 10/29/2026 at 14:03 | Editorial boerse-global.de
Evonik finds itself pulled in two directions at once, and neither path is set in stone. On one side sits a reported takeover approach from BASF now valued at roughly €24 per share, or more than €11 billion. On the other, the specialty chemicals maker is reportedly weighing a multibillion-dollar acquisition of its own in the United States. Both scenarios rest on media reporting rather than confirmed agreements, a distinction that matters for anyone trying to price the stock.
The political temperature around the BASF overture rose this week. Dennis Radtke, who chairs the CDU's social wing, the CDA, warned in an interview with the WAZ against the loss of thousands of jobs and called for the deal to be stopped outright. His objection targets the combination itself, not merely its terms. That warning is a political risk assessment, not a confirmed consequence of any merger — but it puts employment questions squarely alongside the financial ones.
Buyer's Interest, Seller's Silence
BASF has not walked away from the table. Chief executive Markus Kamieth, speaking at the group's quarterly results presentation, described a tie-up with Evonik as a sensible step. That public expression of interest still falls well short of a signed deal, and Evonik has said only that it is reviewing the offer, with no conclusion reached.
The €24-per-share figure itself comes from people familiar with the transaction, as reported by dpa-AFX, and Reuters independently reported the higher bid on 23 October, citing two insiders. The Handelsblatt had earlier put the sweetened offer at around €24 per share and more than €11 billion. BASF is the potential buyer; Evonik is the target. Nothing more is settled.
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A Separate Shopping List
Running parallel to the takeover chatter is Evonik's own apparent expansion plan. According to a 22 October Handelsblatt report, the company has spent months examining a possible multibillion-dollar purchase of US chemicals firm Ashland. That review is described as being at an early stage, and completion is anything but assured. An Evonik spokesperson declined to comment on the report, consistent with the company's practice of not addressing market rumours.
The two stories should not be conflated. Nothing reported suggests Evonik's US ambitions are coordinated with a sale to BASF, and no link between the two has been confirmed. Investors are effectively looking at two independent strategic possibilities, neither of which has materialised.
How the Market Read Each Headline
Trading reactions to the two reports diverged sharply. News of the US acquisition speculation was met with a 3.5% share price decline, according to dpa-AFX, while the report of BASF's raised offer triggered a 3.4% advance. Those moves reflect how differently the market initially digested the prospect of Evonik buying versus being bought. They are finished price reactions, not verdicts on whether either move would create economic value.
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Confirmed Ground Beneath the Speculation
Amid the deal talk, Evonik did deliver one hard piece of operational news. On 20 October the company introduced two new VESTAKEEP PEEK grades aimed at long-term dental prosthetics, designed for both fixed and removable restorations as well as standard CAD/CAM processes. That launch is confirmed fact; the takeover and the US acquisition remain open questions.
The next firm date on the calendar is 3 November 2026, when Evonik publishes its Q3 2026 quarterly statement. Whether management addresses strategic matters then has not been announced. Until that report lands, the open transaction questions and the political dispute over jobs are likely to dominate the headlines — with the confirmed product rollout standing as the one certainty in an otherwise unresolved picture.
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