Evonik Rebuffs BASF's €24 Bid but Keeps a Channel Open for Information

Evonik has turned down BASF's takeover approach while simultaneously signaling it is open to a confidential exchange of information — a distinction that matters more than it might first appear. The board's position, set out in an ad-hoc statement, is that the offer "in its current form" does not serve the best interests of Evonik and its stakeholders. That wording rejects the proposal on the table. It is neither consent to further talks nor a blanket verdict on every conceivable shape a deal could take.

The nuance is central to how investors should read the situation. Agreeing to swap information is not the same as agreeing to negotiate a sale, and refusing formal talks does not amount to cutting off contact altogether. Evonik has said it wants to explain its own position and learn more about what BASF is proposing. No commitment to formal negotiations comes with that.

A Price on the Table, a Rationale Still Missing

BASF raised its offer roughly two weeks ago to €24 per share, according to media reports. Evonik's own ad-hoc release, by contrast, names no price at all — so the €24 figure should be treated as reported rather than confirmed by the target. What is confirmed is the board's rejection of the proposal as submitted. The earlier September bid of €22.15 per share was also rebuffed, bringing the total value in play to €11.18 billion.

Beyond the headline number, Evonik is pressing for clarity on the industrial logic behind a combination — what a merger would actually deliver from its own vantage point. That question shifts the focus away from valuation alone and toward strategic merit.

BASF chief executive Markus Kamieth has pointed to strategic consolidation and offered commitments on jobs and sites. He has also stressed his company's price discipline, telling Reuters on Wednesday that BASF will not buy Evonik at any cost and will only pursue a transaction if it creates value for BASF shareholders. The two sides are thus working from different yardsticks: Evonik frames its refusal around the interests of the company and its stakeholders, while BASF ties any deal to value for its own investors. No shared negotiating framework has emerged from that gap.

A Standalone Path — and a Possible Shopping List

While fending off BASF, Evonik is weighing its own growth options. According to a Reuters report, those could include an acquisition of Ashland. That remains a possible consideration only — no confirmed offer, no imminent transaction. For investors, the gap between the two situations is the key takeaway: BASF has put concrete terms on the table, whereas the Ashland idea is little more than a strategic thought at this stage.

Evonik, for its part, continues to emphasize developing the business as an independent company, and the offer of an informational exchange does nothing to alter that stance. The board has effectively separated two tracks — sharing information in confidence, and negotiating over a specific takeover bid — and has signaled willingness only on the first.

The next confirmed corporate date is the release of the Q3 2026 quarterly statement on 03.11.2026. Until then, the board's declared position remains the benchmark: Evonik is pursuing standalone development and has declined to negotiate over the proposal as presented. Share price moves alone, meanwhile, reveal neither a rapprochement between the two companies nor any shift in the Evonik board's stance.