The reported valuation and rejection are not confirmed in the companies’ Sept. 25 public disclosures. Those statements describe a potential transaction rather than an agreed takeover. 

What the Companies Have Disclosed

BASF said Sept. 25 that it was holding exploratory discussions with RAG-Stiftung and Evonik about a potential takeover. BASF said the course and outcome remained open and described its approach to acquisitions as disciplined. 

In a separate Sept. 25 disclosure, Evonik confirmed receiving a nonbinding approach concerning a potential voluntary public takeover offer for all of its shares. Evonik said no talks were taking place at that time. Neither announcement set out an agreed purchase price or a completed transaction. 

RAG’s Stake Remains a Separate Question

RAG-Stiftung’s own disclosure identified its approximately 43.8% Evonik holding and confirmed that BASF had contacted the foundation. 

RAG subsequently told Reuters that its statutes would permit a sale of its entire holding with approval from its board of trustees. The Sept. 30 report does not establish that RAG has decided to sell or agreed to a BASF transaction. 

Separate From the Completed Coatings Transaction

The possible Evonik takeover is distinct from BASF’s already completed coatings divestment. In July, BASF announced the closing of the transaction with Carlyle and the Qatar Investment Authority involving its automotive OEM coatings, automotive refinish coatings and surface-treatment businesses. That business now operates as Surventis, with BASF retaining a 40% interest. 

The disclosures reviewed for this report do not announce a binding BASF–Evonik agreement, a revised proposal or a timetable for a completed transaction.

Additional Sources: Euronext, EQS News

The possible transaction matters to formulators and manufacturers following the coatings additives supply base. The current disclosures do not establish changes to grades, production sites or supply agreements.