Evonik Rejects EUR 10.3 Billion Takeover Bid From BASF

Evonik Industries has turned down a EUR 10.3 billion, roughly $11.7 billion, takeover bid from larger German rival BASF, according to a report by the Financial Times published September 28. BASF submitted the merger proposal to Evonik and its largest shareholder, the RAG Foundation, which holds approximately 43% of Evonik, as part of a push by BASF to expand its geographic reach and product mix.

The rejection comes despite significant consolidation pressure on European chemical manufacturers, who have been battling volatile energy costs and weak demand. Evonik itself recently announced plans to cut more than 3,200 jobs as part of an ongoing restructuring. Sources indicated that Evonik's leadership would require a substantial takeover premium and clear evidence that integrating its specialty additives and polymer businesses into BASF would create long-term strategic value before any deal could be considered.

News of the approach sent Evonik shares surging as much as 11% to above EUR 20, touching their highest level since May 2025, before paring some gains. BASF shares fell more than 3% at one point. BASF subsequently confirmed it had been engaged in exploratory contacts with Evonik and the RAG Foundation over a potential acquisition, while noting the complementarity and risks involved. The combined revenues of the two companies totaled approximately EUR 74 billion last year.