BASF considers raising offer for Evonik, sources say (updated)

BASF SE

09/10/2026 08:45

People close to BASF say company could sweeten offer if talks are held
RAG Foundation board of trustees briefed on BASF's interest in acquiring Evonik, spokesperson says
Any sale of RAG Foundation's Evonik stake requires board's approval
Updates comment by RAG Foundation in paragraph 6, share move in paragraph 5
By Matthias Inverardi
DUESSELDORF, Germany, Oct 9 (Reuters) - Chemicals maker BASF BASFn.DE, facing intense competition from China, could raise its offer for Evonik EVKn.DE if there are talks with the specialty chemicals maker, two people close to BASF told Reuters on Friday.
Evonik said in September that BASF, one of the world's largest chemicals makers, had approached it over a possible takeover, but added that no talks were currently taking place.
People close to the negotiations later said Evonik had rejected the bid of €10.3 billion ($11.7 billion), or €22.15 per share, as too low.
"It is safe to assume that the current offer is not the final word," one of the people close to BASF said.
Shares in Evonik were up 1.7% to €21.34 at 1328 GMT on Friday having risen as much as 2.7% against Thursday's close.
A spokesperson for Evonik's largest shareholder, the RAG Foundation, said that the board of trustees was briefed by the executive board of RAG Foundation on BASF's interest in acquiring Evonik, but declined to give further details.
A BASF spokesperson declined to comment.
Evonik reiterated that no talks were currently underway. 
     
REGIONAL STATE COULD PLAY KEY ROLE
BASF was also considering commitments to Evonik employees, the people said.
The German state of North Rhine-Westphalia, where Evonik is based, said on Monday that jobs at Evonik and its independent development must not be jeopardised by a takeover.
The state could have significant influence because state premier Hendrik Wuest sits on the board of trustees of RAG Foundation. Any sale of the foundation's shares would require the board's approval.
     BASF, which makes engineering plastics, super-absorbent polymers, vitamins and chemicals for industrial uses, is at risk of losing its top global ranking by chemicals revenue to China's Sinopec 600028.SS, whose chemicals division revenue was broadly neck and neck with BASF's group revenue of €59.7 billion last year.
     Evonik's portfolio, which includes high-tech plastics and feed additives as well as ingredients for coatings and household products, would offer possible cost benefits through synergies with BASF, a BASF company source said last month.

 (Reporting by Matthias Inverardi, additional reporting and writing by Linda Pasquini, editing by Thomas Seythal and Elaine Hardcastle)
 ((linda.pasquini@thomsonreuters.co linda.pasquini@thomsonreuters.comm))