BASF Balances Award Wins and Evonik Standoff After Tech-Driven Share Slump

BASF shares fell 2.9% yesterday as a global selloff in AI and semiconductor stocks spilled over into German equities. Media reports pointed to weak cues from the US and Asia, along with mounting concerns over tighter AI regulation, as the forces weighing on the DAX — of which BASF is a constituent. The chemicals group's decline came on a trading day when anxiety over technology valuations dominated the broader market.

Recognition on the Automotive Front

Against that unsettled market backdrop, BASF had something to celebrate on the corporate side. Together with Stellantis and L&L Products, the company received the SPE Automotive Innovation Award in the Chassis/Hardware category for a composite tunnel reinforcement used in the 2027 model-year Jeep Grand Cherokee.

A second accolade followed: BASF, Toyota and Vuteq jointly took the SPE Automotive Innovation Grand Award for the thermoplastic cargo bed of the 2026 model-year Toyota Tacoma. The two winning applications cover distinct components — a tunnel reinforcement and a load floor — and underscore BASF's reach across different vehicle segments.

Evonik Talks Remain at an Impasse

Meanwhile, the potential deal with Evonik continues to command attention. Evonik's interim chief, Claus Rettig, reiterated in an interview with the FAZ on Thursday that the company will not negotiate a takeover with BASF. The most recent offer on the table stood at EUR 24 per Evonik share.

Evonik had rejected takeover discussions roughly a week earlier after reviewing a letter from BASF, while signaling its willingness to engage in purely informational and confidential exchanges.

Reuters reported on October 28 that BASF chief executive Markus Kamieth would only pursue Evonik if the transaction were value-accretive for BASF shareholders. Two people familiar with the matter had earlier told Reuters that the offer had been raised.

Third-Quarter Figures Confirm Upward Trend

The quarterly numbers, released on October 28, showed BASF generating revenue of EUR 16.4 billion in the third quarter of 2026 — a 14% increase compared with the same period a year earlier.

Operating performance improved in tandem. EBITDA before special items rose 15% to EUR 1.6 billion, according to company figures.

In a separate development, ALTA Performance Materials signed a contract with BASF to acquire the business unit tied to the sale of the Palatal operations in Chile.

What Comes Next for Investors

The next scheduled event on BASF's investor calendar is its Capital Markets Day on November 23 and 24. The company's 2026 report is due for publication on February 26, 2027.