GBAF Logo
Global Banking & Finance Awards® 2026 Nominations open, free to enter Nominate now →
Evonik: we are not ready to negotiate BASF's sweetened bid - Finance news and analysis from Global Banking & Finance Review
Finance

Evonik: we are not ready to negotiate BASF's sweetened bid

Published by Global Banking & Finance Review

Posted on October 30, 2026

1 min read

· Last updated: October 30, 2026

Add as preferred source on Google

Evonik Not Ready to Negotiate BASF's €11.18B Sweetened Takeover Bid

Evonik Responds to BASF's Improved Acquisition Proposal

Evonik's Position on the Takeover Offer

DUESSELDORF, Oct 30 (Reuters) - German chemicals group Evonik said on Friday that BASF's sweetened takeover offer was insufficient to start formal deal negotiations but it has asked the suitor's management to elaborate on the rationale of its bid.

Commitment to Independence

"The Executive Board remains focused on its strategic direction and further development of Evonik as an independent company," it said in a statement.

Details of BASF's Sweetened Offer

Financial Terms of the Bid

BASF last week made a sweetened takeover offer worth €11.18 billion ($12.48 billion) or €24 per share.

Comparison to Previous Offer

BASF, one of the world's largest chemical companies by revenue, improved its bid last week from an original €22.15 per share, which Evonik had rejected in September.

Reporting Credits

(Reporting by Matthias InverardiWriting by Ludwig BurgerEditing by Sabine Wollrab and Kirsti Knolle)

Key Takeaways

  • Evonik reaffirmed its commitment to remaining an independent company, declining to engage in deal talks despite BASF raising its offer to €24 per share (~€11.18 billion) (live.euronext.com).
  • BASF has sweetened its bid from €22.15 to €24 per share, promising to uphold job guarantees and site protections—yet Evonik deems the proposal still inadequate (live.euronext.com).
  • Evonik’s leadership has asked BASF’s management to elaborate on the strategic logic behind the offer, underscoring that any potential deal must align with its long-term growth and autonomy goals (live.euronext.com).

References

Frequently Asked Questions

What was the value of BASF's improved takeover bid for Evonik?
BASF's improved takeover offer for Evonik was worth €11.18 billion, or €24 per share.
How did Evonik respond to BASF's sweetened bid?
Evonik stated the offer was still insufficient to begin formal deal negotiations and asked for more information on the bid's rationale.
What was BASF's original offer for Evonik?
BASF's original offer was €22.15 per share, which Evonik previously rejected.
What is Evonik's current stance on the takeover?
Evonik remains focused on its strategic direction as an independent company.

Tags

Related Articles

More from Finance

Explore more articles in the Finance category