Updated Nov. 5, 2026: Evonik is continuing to hold off on formal takeover negotiations with BASF, even after BASF improved its proposal to a reported €24 per share.

In an Oct. 30 regulatory announcement, Evonik said its executive board reviewed BASF’s Oct. 22 expression of interest in making a voluntary public takeover offer and decided not to enter negotiations based on the information received. Evonik said it remains focused on developing as an independent company.

The company has not completely closed the door to further discussions. Evonik said it is willing to participate in a confidential, informational exchange with BASF to explain its position and allow BASF to outline the rationale and key considerations behind its interest.

Interim CEO Claus Rettig reiterated that position during Evonik’s Nov. 3 earnings call, saying the company would not enter negotiations based on the information received so far but would participate in the informational exchange. Reuters has reported that Evonik considers BASF’s improved proposal insufficient to begin formal deal talks and has asked BASF to further explain the strategic rationale for a combination.

BASF continues to characterize the possible combination as a potential transaction. No definitive agreement or formal public takeover offer has been announced.

Updated Oct. 30, 2026: Evonik’s executive board has decided not to enter negotiations with BASF after reviewing the company’s Oct. 22 letter expressing interest in a voluntary public takeover offer.

In an Oct. 30 regulatory announcement, Evonik said the decision was based on the information available. The board said it remained focused on developing Evonik as an independent company.

The response does not end all potential contact. Evonik said it was willing to participate in a confidential informational exchange to explain its position and allow BASF to present the rationale for its interest. 

Reuters reported that BASF’s revised proposal valued Evonik’s equity at approximately €11.18 billion, or €24 per share, compared with an earlier €22.15-per-share approach. BASF expressed surprise at Evonik’s response but acknowledged its willingness to exchange information, according to the report. 

BASF’s previously announced commitments included honoring existing agreements and excluding compulsory redundancies in Germany through 2032 in connection with a potential combination. Those commitments should not be presented as evidence that a transaction has been agreed. 

The latest development is a refusal to begin negotiations on the available information, not the cancellation of an agreed merger.

Oct. 28 update: BASF CEO Markus Kamieth said any potential Evonik transaction would need to create shareholder value, Reuters reported. He emphasized financial discipline. His comments do not constitute an agreed acquisition. 

BASF has increased its takeover offer for Evonik Industries to €24 per share, according to an October 23 Reuters report citing two people close to the matter. The proposed price would value Evonik at approximately €11.18 billion.

The reported increase follows an earlier proposal of around €22.15 per share. Reuters previously reported that Evonik rejected the approximately €10.3 billion approach as too low. Evonik and its largest shareholder, the RAG Foundation, declined to comment on the latest report. 

BASF Outlines Conditional Employment Commitments

The reported price change came a day after BASF CEO Markus Kamieth publicly described commitments the company would make in the event of an acquisition.

In an October 22 statement published by BASF, Kamieth said the company would honor Evonik’s existing site agreements, including protections against compulsory redundancies through 2032, as well as collective bargaining and training commitments.

He also described plans to retain a significant presence in Essen and North Rhine-Westphalia, including board-level representation and corporate functions, and strengthen research and development. BASF said it would examine continued operation of the Marl and Wesseling chemical parks. These statements describe conditional intentions rather than a completed integration plan. 

Separate Acquisition Interest Reported

Evonik’s interest in acquiring Ashland began before BASF’s takeover approach, Reuters reported October 23, citing two people familiar with the matter. Reuters also reported, citing a source close to the matter, that BASF considered a potential Evonik acquisition of Ashland too risky. The reporting does not establish an agreed transaction between Evonik and Ashland. 

As of October 23, the higher BASF price remained a reported proposal, not a jointly announced agreement. It represents a new development in the potential transaction previously covered by PCI. 

A potential combination would be significant for coatings manufacturers following ownership and strategy among suppliers of paint and coatings additives and other formulation raw materials. The reported offer does not, by itself, establish changes to product availability or customer supply arrangements.