Evonik Rejects BASF’s €11.18 Billion Offer and Schedules No Further Takeover Talks
Key Facts
Evonik maintained its rejection of BASF’s takeover offer, and no further meetings between the two companies were scheduled, according to a Reuters report published on November 9. Evonik had said the offer was insufficient to begin formal negotiations, leaving the deal’s path stalled at its board’s position, with BASF not announcing that it had withdrawn the offer. In a statement issued on October 30, the company said it had reviewed a letter from BASF dated October 22, expressing interest in making a voluntary public takeover offer. Based on the information available to it, the board decided not to enter into negotiations with BASF. The board said in the statement that it remained focused on “its strategic direction and the continued development of Evonik as an independent company.”
Evonik’s position came after BASF increased the value of its offer, but the improvement did not change the target company’s decision not to begin formal negotiations. The result leaves the offer at the level of publicly stated interest from BASF, met by rejection from Evonik’s board, with no further meetings announced for now. The October 22 letter addressed BASF’s interest in making a voluntary public offer, according to what Evonik disclosed in its subsequent statement. The November 9 report did not say that the two sides had agreed to launch negotiations or that BASF had ended its efforts. Evonik’s statement that the offer was insufficient remains the publicly stated position explaining its board’s decision, while the statement contains no announcement of a change in that decision.
The rejection comes as Evonik reported improved operating results in the third quarter, despite continued weak economic growth and geopolitical tensions. Adjusted earnings before interest, taxes, depreciation and amortization rose 40% year on year to 629 million euros in the period from July to September, the company said. The figure compares with performance in the third quarter of the previous year, on the year-on-year basis cited by Evonik. The company said it expects its full-year result to land in the upper half of its guidance range. In the results presentation, interim CEO Klaus Rettig said, “Our strategic positioning is now paying off in full,” adding that the company was “strong and resilient.”
In its September strategic update, Evonik announced a program to cut 3,200 jobs worldwide, including about 2,150 jobs in Germany. It also said the second phase of its “Evonik Tailor Made” efficiency program would begin in 2027 and run for three years through 2029. These plans place the development of the independent company and restructuring within the strategic direction cited by the board in its position on BASF’s offer. According to the September statement, the program includes job cuts worldwide, with a large share of the reductions concentrated in Germany. The second efficiency phase runs through the end of 2029, according to the schedule announced by the company.
On BASF’s side, company data showed that its share buyback program covered 7,946,760 shares from August 3 through November 6, 2026. In the week from November 2 to 6 alone, the company repurchased 351,530 shares for 18,900,323.50 euros. These figures show the program’s weekly and total execution over the two periods specified by BASF. In the market, BASFY shares closed at 15.18 dollars on November 9, according to EL7 data. The closing price was recorded in the same session covered by the Reuters report on Evonik’s continued rejection of the offer, but remains a daily figure separate from the details of the buyback program.