Evonik Reportedly Weighs Ashland Acquisition

Evonik is evaluating an acquisition of U.S. specialty chemicals supplier Ashland, Reuters reported October 22, citing two people familiar with the matter. Reuters described Evonik as one of several interested parties.

Evonik declined to comment, and Ashland was not immediately available for comment, Reuters reported. The news agency placed Ashland’s stock-market value at approximately $3.3 billion at the time. That figure is not a disclosed offer price.

Reported Interest Extends Beyond Evonik

Handelsblatt, which first reported the interest, said a U.S. acquisition would reduce Evonik’s dependence on Europe and identified complementary portfolios in specialty additives and personal care ingredients. The report also identified private equity firms Advent, Apollo and Carlyle as interested parties.

The review began before BASF’s approach for Evonik, according to Reuters’ October 23 follow-up. It should therefore not be characterized as a newly launched effort to block BASF. Reuters also reported, citing a person close to the matter, that BASF viewed a potential Evonik–Ashland transaction as too risky.

PCI has separately covered BASF’s reported increased offer for Evonik. Neither report establishes an agreed acquisition.

Coatings Additives Connect the Story to Formulators

According to Ashland’s coatings rheology portfolio, the company supplies cellulosic thickeners, nonionic synthetic associative thickeners, specialty copolymers and biopolymers.

These technologies address formulation requirements including viscosity control, stabilization, water retention and sag resistance. Ashland’s portfolio serves coating applications as well as adhesives, construction and other formulated-product markets.

Ashland’s position in paint and coatings additives makes the reported acquisition interest relevant to formulators monitoring their supplier base. The reports do not establish changes to product availability, manufacturing or technical support.