BASF and Evonik Hold Weekend Talks After Refusal to Negotiate
Key Facts
BASF and Evonik management held talks over the weekend, according to a Reuters report that could not be verified here; no details were available on their content or outcome. The development follows Evonik’s October 30 statement, in which it said its executive board had reviewed a letter from BASF dated October 22 concerning its interest in making a voluntary public takeover offer. Evonik said the board had decided, based on the information available at the time, not to enter into negotiations. However, it expressed willingness to exchange information confidentially and on an informational basis, to explain its position and allow BASF to present its rationale. The talks attributed to the weekend therefore place the subsequent contact at a different point in time from the board’s decision announced in October, without in themselves establishing that Evonik has agreed to deal terms or that an agreement has been reached.
BASF presented its industrial case for a combination as an opportunity to bring together strengths in specialty chemicals. Chief Executive Markus Kamieth said Evonik currently buys some raw materials, and BASF’s integrated production network could make it possible to supply them in-house at lower cost and more directly and reliably. The argument links a potential combination to supply chains, with BASF saying that integrating the companies’ operations could change how Evonik obtains those inputs. The available information did not specify the scale of the savings or which materials were involved. Kamieth said BASF was ready to enter talks, adding: "We are ready to enter talks because we want to shape the future together, but we will not pursue a merger at any price." He tied his decision to the interests of shareholders and employees, without announcing an outcome to the talks attributed to the weekend.
The talks come as Evonik reported an improvement in quarterly sales. The company said sales in the third quarter of 2026 rose 13% from the same period a year earlier, driven by a 2% increase in volumes and a 10% rise in prices. Those components indicate that higher prices were the biggest driver of reported growth during the quarter, with an additional contribution from increased volumes sold. Evonik also forecast higher earnings in the fourth quarter than in the same period a year earlier. The performance provides an operating backdrop to the company’s position in the takeover process, but does not determine its stance on the terms of any offer or the outcome of the talks.
BASF, meanwhile, reported sales of 16.4 billion euros in the third quarter of 2026, up 14% year over year. The company attributed the increase mainly to a 12% rise in prices, while volumes grew 2%—a growth mix with a similar contribution from volumes to Evonik’s, but a different contribution from prices. Earnings before interest, taxes, depreciation and amortization, before special items, rose 15% to 1.6 billion euros compared with the third quarter of 2025. BASF said all its core businesses contributed to the increase, placing the earnings improvement across a broader range of operations. Following the results, it raised its forecast for 2026 fiscal-year earnings before special items to 7.4–7.8 billion euros, from a previous forecast of 6.9–7.7 billion euros.
Evonik’s annual figures show the scale of the company at the center of the talks. It reported revenue of 14.1 billion euros and adjusted earnings before interest, taxes, depreciation and amortization of 1.9 billion euros in 2025, according to its executive board’s statement. The company is headquartered in Essen and operates in more than 100 countries. The figures provide context for the scale of its operations and geographic reach as BASF makes its case for a combination on industrial integration grounds. They remain figures for fiscal 2025, however, and do not include a valuation of the company or a potential deal value. The available information did not provide details on the structure of the talks or any new formal offer.
In the market, BASF shares traded in the United States under the ticker BASFY closed at 15.07 dollars on November 6, according to EL7 data. That price is from a session before the talks attributed to the weekend and does not reflect the market’s response to them. The available information included no more recent price or move in Evonik’s shares linked to the latest contact. The figure therefore remains a historical indicator for the November 6 session, not a measure of the impact of subsequent developments.