Evonik's Standoff With BASF Runs Into a Packed November Calendar

Evonik's management has more than one clock to watch. The Essen-based specialty chemicals group is steering a portfolio overhaul, a Japanese recycling venture and a contested takeover approach all at once — and the next few weeks bring hard deadlines for each.

The most immediate is the third-quarter report for 2026, scheduled for 3 November according to the company's own financial calendar. That interim update will give shareholders their first clear read on operating earnings since the takeover question landed on the table.

The stock closed at 21.42 euros, valuing the group at 9.78 billion euros and leaving the shares just 1.9 percent below their 52-week high. Since the start of the year the equity has added 60 percent, a rally that bakes in both the operational revamp and the prospect of a sweeter bid.

A Suitor Kept at Arm's Length

At the heart of the speculation sits BASF, which tabled an initial offer of 22.15 euros per share. Evonik's leadership rejected the approach as too low. According to Reuters, the Ludwigshafen-based chemicals giant then signaled it would preserve German sites and existing job guarantees, commitments that would be written into any agreement. Media reports suggest BASF is in principle open to raising its bid — but only after gaining access to Evonik's books.

Political resistance has hardened in parallel. North Rhine-Westphalia's state parliament debated the offer at the SPD's request, and the regional government came out squarely against a takeover by BASF. Economy minister Mona Neubaur told the chamber that the state administration opposes the deal. The RAG-Stiftung's board of trustees was briefed on the overtures but, according to Handelsblatt, avoided a public position and pointed the two companies toward bilateral talks.

Oxeno Sale Nears Final Bids

Portfolio restructuring is advancing regardless of the ownership question. The sale process for the C4 unit Oxeno has moved into its second round, with several financial investors and strategic bidders reportedly in the field. Final offers are expected in November.

On the technology front, Evonik launched a cooperation with Toyotsu Chemiplas and Sanyo Chemical roughly a week ago, aimed at building a recycling model for polyurethane foam in Japan. Toyotsu Chemiplas handles collection and logistics, Sanyo Chemical contributes polyol development, and Evonik brings its hydrolysis-based recycling process to the table. The partners are testing whether the model can be scaled commercially, recovering recycled polyols and amines for use in new products.

With the quarterly figures due in days and the Oxeno bids landing the same month, investors face a crowded November — one in which the standoff with BASF is only part of the story.