Evonik Slashes 3,200 Jobs as BASF Circles and Analysts Split on the Stock

Evonik plans 3,200 job cuts, about 2,150 in Germany, from 2027 to 2029, as BASF's takeover interest and split analyst ratings frame the debate.

Evonik is trading a familiar playbook for European chemicals: cut deep, cut fast, and hope the market rewards self-help before a rival does it for you. On 22 September, the Essen-based specialty chemicals group announced it will shed 3,200 positions worldwide, with roughly 2,150 of those cuts falling on its German sites. The move marks the second phase of its efficiency drive, branded "Evonik Tailor Made."

The restructuring is scheduled to kick off in 2027 and run through 2029. Management's stated aim is leaner structures and sharper competitiveness, but for workers at the domestic plants the plan translates into years of attrition and uncertainty. The company is responding to sustained pressure across the chemical sector, tightening internal processes and consolidating tasks at its German locations in a bid to lift production efficiency and overall resilience.

A Three-Year Blueprint for the Portfolio

Over the coming three years, Evonik intends to give its business activities a clearer focus, assigning each German site a defined role within the group. That reallocation of duties is no small undertaking — it demands discipline from management over the coming months, and investors will be watching for the first tangible effects of the overhaul in day-to-day operations.

The timing is hardly accidental. The cost program lands squarely in the middle of an external takeover saga. BASF approached Evonik and the RAG-Stiftung with an unsolicited, non-binding indication of interest in a voluntary public tender offer for all Evonik shares. Evonik confirmed the approach in an ad-hoc release, stressing that no concrete talks had taken place at that point. BASF and the RAG-Stiftung both acknowledged the exploratory discussions, leaving their progress and outcome unresolved.

According to Reuters, Evonik turned down a BASF offer of around EUR 22.15 per share as too low, declining to comment publicly on the matter. Handelsblatt put the proposed total at roughly EUR 10 billion. The rejection underscores management's determination to create value on its own terms rather than hand shareholders a quick exit.

Two Banks, Two Very Different Views

Market observers are far from unanimous on what the stock is worth. On 28 September, DZ Bank raised its fair value estimate to EUR 22 and slapped a "Buy" rating on the shares. The same day, JPMorgan went the other way, downgrading the stock to "Sell" with a price target of EUR 14.00 — a clear signal of doubt about the upside from here.

The shares have nonetheless been trading near record levels. The stock notched a 52-week high of EUR 20.74 and closed at EUR 20.66, bringing its year-to-date gain to 55%. That rally leaves little room for disappointment, and the gap between DZ Bank's EUR 22 and JPMorgan's EUR 14 captures the debate neatly: can the efficiency program justify the expectations investors have already priced in?

For shareholders, the moment is a balancing act. The savings plan is meant to bolster earnings power organically, while BASF's overtures have laid bare the strategic value of Evonik's individual divisions. The market's attention now turns to how quickly management can push the restructuring forward and lift the company's value without outside help.

The Next Reality Check

Hard evidence on the operating side arrives with the next scheduled company event. On 3 November 2026, Evonik Industries AG publishes its results for the third quarter of 2026. The capital market will use the report to scrutinize progress on cost reduction and the durability of revenues against the current industry backdrop — the first real scorecard for a turnaround still in its early innings.