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Germany's Evonik rejects BASF's $11.7 billion bid, sources say - Finance news and analysis from Global Banking & Finance Review
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Germany's Evonik rejects BASF's $11.7 billion bid, sources say

Published by Global Banking & Finance Review

Posted on September 28, 2026

2 min read

· Last updated: September 28, 2026

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Evonik Turns Down BASF’s $11.7B Acquisition Offer Over Valuation Concerns

Details and Implications of the Rejected BASF-Evonik Deal

By Matthias Inverardi and Patricia Weiss

Overview of the Acquisition Offer

Sept 28 (Reuters) - German chemicals manufacturer Evonik has rejected a €10.3 billion ($11.7 billion) takeover bid by BASF as too low, sources close to the negotiations said on Monday.

BASF, one of the world's largest chemicals makers, had offered about €22.15 per Evonik share, the sources said. Evonik shares, which closed at €18.07 on Thursday before news of BASF's approach, closed up 2.4% at €19.84 on Monday.

Market Reaction to the News

Shares in BASF were little changed after a 3.6% fall on Friday when BASF said it was in exploratory talks with Evonik.

Statements from the Companies

BASF’s Position and Strategy

BASF added on Monday it was taking a disciplined approach and would not comment on price as this was "based on a potential for synergies that can only be verified if Evonik is involved".

Evonik and RAG Foundation’s Response

Evonik and its largest shareholder, the RAG foundation, declined to comment.

Company Profiles and Strategic Fit

Evonik’s Product Portfolio

Evonik's products include high-tech plastics and feed additives as well as ingredients for coatings and household products. BASF makes engineering plastics, super absorbent polymers, vitamins and chemicals for industrial uses.

Potential Synergies and Strategic Benefits

A BASF company source said Evonik's portfolio was well suited to the group, offering possible cost benefits through synergies. A takeover would strengthen customer-facing business and boost company resilience, while also reducing dependency on the European market, the source added.

Global Market Position

BASF is at risk of losing its top global ranking by chemicals revenue to Sinopec. Last year its group revenue of €59.7 billion was almost the same as that of the Chinese company's chemicals division.

Additional Information

($1 = 0.8800 euros) 

(Additional reporting by Ludwig Burger and Kanjyik Ghosh. Editing by Alexander Smith and Mark Potter)

Key Takeaways

  • Evonik rejected BASF’s offer of approximately €22.15 per share as insufficient, valuing the company at around €10.3 billion ($11.7 billion) (wdsm710.com)
  • Evonik’s share price jumped (to around €19.8) following the approach, while BASF’s stock remained largely unchanged after earlier exploratory disclosures (wdsm710.com)
  • The approach followed exploratory, non-binding talks by BASF with Evonik and its main shareholder, RAG‑Stiftung; a deal could offer synergies in specialty chemicals and bolster BASF’s global competitiveness amid pressure from Chinese peers like Sinopec (basf.com)

References

Frequently Asked Questions

Why did Evonik reject BASF's €10.3 billion bid?
Evonik rejected BASF's €10.3 billion ($11.7 billion) takeover bid, considering it too low according to sources close to the negotiations.
What price did BASF offer per Evonik share?
BASF offered about €22.15 per Evonik share in its takeover proposal.
How did Evonik's share price react to the news?
Evonik shares closed up 2.4% at €19.84 after news of BASF's approach.
What potential benefits did BASF see in acquiring Evonik?
BASF saw possible cost benefits and synergies, as well as a strengthened customer-facing business and reduced dependency on the European market.
Did Evonik or its largest shareholder comment on the bid?
No, Evonik and its largest shareholder, the RAG foundation, declined to comment on the bid.

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