Evonik rejects BASF's improved takeover offer of 24 euros per share

Evonik rejects the revised bid

Evonik Industries' executive board has decided not to enter takeover negotiations with BASF SE, the company said on 30 October 2026 in a statement and a regulatory filing. The decision covers BASF's revised bid, which the larger German chemicals group raised in the week before to 24 euros per share from 22.15 euros. Evonik had already turned down the 22.15 euro price in September, and the earlier proposal of 10.3 billion euros was rejected as well. At the higher price, the offer values Evonik at a little over 11 billion euros. Evonik's board reviewed a letter from BASF, dated 22 October 2026, in which BASF expressed interest in a voluntary public takeover offer.

An independent course and a proposed exchange

The board said in its statement that it remains focused on the strategic direction of the company.

“The executive board remains focused on the strategic direction and further development of Evonik as an independent company.”

Despite refusing talks, the board offered a purely informational and confidential exchange so BASF can set out its reasons and the main motives behind its interest. Reuters, citing a person familiar with the matter, reported that Evonik remains unconvinced of the industrial logic of combining the two chemical groups. According to the same person, an Evonik letter to BASF offers BASF's board a hearing in which to explain its proposals and try to win over Evonik's leadership in Essen.

Jobs and BASF's pitch

BASF chief executive Markus Kamieth describes the combination as a "strong German answer to global competition". Handelsblatt, citing company circles, reported that Evonik was surprised by the job and site assurances BASF now highlights, since several central points already apply at Evonik. Under that report, Evonik rules out operational layoffs in Germany until 2032, and the job cuts it has already decided are to proceed within that framework. Evonik also plans to cut around 3,200 further jobs worldwide by the end of 2029, about 2,150 of them in Germany. Those reductions are to come through natural attrition, early retirement arrangements and voluntary programmes.

The price path

BASF first offered 22.15 euros per share, a price Evonik rejected in September. It then raised the bid to 24 euros per share, the level its rival's board is now refusing to negotiate on. According to people familiar with the talks, the higher price was meant to bring Evonik's board to the negotiating table. At 24 euros per share, the offer values Evonik at a little over 11 billion euros.

Offer rejected in September22.15

Improved offer24

Offer rejected in September

22.15 EUR per share

Improved offer

24 EUR per share

Data from the article text

Sequence of events

The sequence runs from the September rejection to BASF's letter of 22 October 2026 and the board decision of 30 October 2026. The board's position was published as a company statement and a regulatory filing. Handelsblatt reported that Evonik could still leave the door open for further talks should BASF improve its offer again. For now, the only exchange on offer is the informational and confidential one the board proposed.