BASF Raises Offer for Evonik to €24 a Share, Valuing It at €11.18 Billion
Key Facts
BASF raised its offer for Evonik on October 23 to €24 a share, from about €22.15 in its initial proposal, valuing the German chemicals company at about €11.18 billion. Reuters cited people familiar with the matter as saying the revised proposal includes guarantees for jobs and production sites. The offer follows Evonik’s rejection in September of an earlier proposal worth €10.3 billion, or about €22.15 a share, as too low, according to people familiar with the talks. But available sources do not establish that Evonik rejected the new offer or specify its position on it. BASF said in September that the course and outcome of the exploratory talks remained open.
The initial proposal was presented in September as a non-binding voluntary public offer to acquire all of Evonik’s shares. Evonik confirmed receipt of the offer at the time and said no talks were underway then. BASF said its strategy includes evaluating acquisitions that strengthen its core businesses, support profitable growth and create value. The company said any potential move would depend on strong strategic alignment. In its statement, it said, "The course and outcome of these exploratory talks remain open at this stage."
The guarantees BASF offered to maintain include Evonik’s existing job-protection agreements. Those agreements provide for no compulsory redundancies in Germany until 2032, with any job cuts to be voluntary and accompanied by compensation. Protection for industrial sites was also included in the terms of the revised offer, according to people familiar with the matter cited by Reuters. At BASF, the works council chairman said the existing site agreement must remain in force. He added that the potential deal, its financing and the resulting costs must not undermine that agreement.
Shares in both companies moved higher on the day the offer increase was announced. Evonik shares closed up 2.7% at €21.26, while BASF shares rose 0.15%, Reuters reported. Evonik’s share price that day compared with the new offer of €24 a share. On October 29, BASF shares listed under the ticker BASFY closed at about $14.98, according to EL7 data. Evonik’s interest in acquiring U.S. company Ashland began before BASF launched its offer for Evonik; Reuters valued Ashland at about $3.3 billion.
On October 28, BASF Chief Executive Markus Kamieth told analysts the company would proceed with a potential deal only if it added value for shareholders, stressing that it would not overpay. At the same time, BASF reported sales of €16.4 billion in the third quarter of 2026, up 14% year on year, and raised its full-year forecast range for EBITDA before special items to €7.4–7.8 billion. The company attributed sales growth mainly to a 12% increase in prices and a 2% rise in volumes compared with the same period a year earlier. Evonik is expected to publish its third-quarter report on November 3, 2026, the company’s next operational update.