Evonik has rejected rival BASF’s reported €10.3 billion (U.S.$11.7 billion) takeover offer, according to press reports. It has been less than a week since the two German chemical companies confirmed BASF had approached Evonik about a potential acquisition. BASF confirmed Sept. 25 that it was in exploratory talks with Evonik and RAG-Stiftung, which holds 43.8% of Evonik’s shares.
Germany’s chemical industry is going through a rough patch, with high energy and raw-material costs, weak sales volumes, stiff international competition and regulatory and bureaucratic burdens weighing on companies. Production in the chemical and pharmaceutical industry was about 3% below the previous year in the first half, while investment fell for a third consecutive year. Capacity utilization was 73.2% in the second quarter, well below the long-term average of 83%.
Reuters reported that BASF offered about €22.15 per Evonik share, but sources said the specialty chemicals company considered the proposal too low. BASF has declined to comment on the reported price and Evonik has not commented on the reported rejection.
Evonik separately confirmed that it had received a nonbinding approach concerning a potential voluntary public takeover offer for its shares. BASF said the course and outcome of its exploratory talks remained open. No agreement has been reached.
BASF reported 2025 sales of €59.7 billion, compared with €14.1 billion for Evonik. Evonik has been implementing its Tailor Made restructuring program and plans to cut about 3,200 jobs worldwide, including 2,150 in Germany, between 2027 and 2029. BASF has also been implementing cost-cutting measures, including restructuring at its Ludwigshafen site.