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German state says Evonik jobs, independence must not be called into question - Finance news and analysis from Global Banking & Finance Review
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German state says Evonik jobs, independence must not be called into question

Published by Global Banking & Finance Review

Posted on October 5, 2026

2 min read

· Last updated: October 5, 2026

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Germany’s North Rhine-Westphalia Defends Evonik Jobs Amid BASF Takeover Bid

State Response and Takeover Developments

North Rhine-Westphalia’s Position on Evonik Jobs

Oct 5 (Reuters) - The German state of North Rhine-Westphalia said on Monday that jobs at German chemicals group Evonik and its independent development must not be called into question after BASF approached the company over a possible takeover.

Evonik’s Rejection of BASF’s Bid

Evonik rejected a €10.3 billion ($11.55 billion) takeover bid by BASF as too low, sources close to the negotiations told Reuters last Monday.

Role of RAG Foundation and State Premier

Influence of State Premier Hendrik Wuest

North Rhine-Westphalia could play a key role in any potential takeover because state premier Hendrik Wuest sits on the board of trustees of RAG Foundation, Evonik's largest shareholder. Any sale of the foundation's shares would require the board's approval.

Government Statement on Evonik’s Importance

"The company is an essential part of our industrial base and, not least because of its wide-ranging social commitment, is firmly rooted in the Ruhr region and North Rhine-Westphalia," a spokesperson for the state government told Reuters on Monday.

Currency Exchange Reference

($1 = 0.8921 euros)

Reporting Credits

(Reporting by Matthias Inverardi, writing by Emanuele Berro, editing by Linda Pasquini)

Key Takeaways

  • Evonik rebuffed BASF’s unsolicited €10.3 billion offer as insufficient value, halting formal talks. (investing.com)
  • North Rhine‑Westphalia stressed safeguarding Evonik’s employment and autonomy, citing its industrial and social significance to the Ruhr region. (onvista.de)
  • The RAG‑Stiftung, holding around 43–44 % of Evonik and governed by political and union trustees, including NRW premier Wüst, holds decisive influence over any share sale. (tagesschau.de)

References

Frequently Asked Questions

Why did Evonik reject BASF's takeover bid?
Evonik rejected BASF's €10.3 billion takeover bid because it was considered too low by sources close to the negotiations.
What role does North Rhine-Westphalia play in the potential Evonik takeover?
North Rhine-Westphalia's premier sits on the board of RAG Foundation, Evonik's largest shareholder, whose approval is crucial for any sale.
Why is Evonik significant to North Rhine-Westphalia?
Evonik is an essential part of the region’s industrial base and is deeply rooted in North Rhine-Westphalia due to its social commitment.
What is the RAG Foundation's involvement in a potential Evonik sale?
The RAG Foundation, as Evonik’s largest shareholder, would need to approve any sale of its shares, making it a key player in takeover talks.

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