Evonik Stands Firm on BASF Rebuff as Earnings Momentum Builds

Evonik's rejection of BASF's takeover approach survived a weekend summit between the two companies' top executives, leaving the specialty chemicals maker to press ahead with its standalone story — one that got a fresh boost from a sharp quarterly earnings gain.

The chief executives and finance chiefs of both groups met on Saturday to discuss BASF's bid, according to Reuters, which cited two people familiar with the matter. No further meetings are currently scheduled. Evonik had already turned down BASF's improved offer of EUR 24.00 per share before the talks took place.

The stance traces back to October 30, when Evonik issued an ad-hoc release stating it would not enter negotiations over the voluntary public takeover offer, a decision the board based on the information available to it. The company did leave the door open to a purely informational and confidential exchange, which is what Saturday's meeting amounted to.

Market Reaction and Broker Moves

Investors took the hardened positions in their stride on Monday, with the stock slipping 2.4% to close at EUR 20.90. By Tuesday the shares were down a further 0.2% at EUR 20.86.

Analysts, meanwhile, have been recalibrating. DZ Bank cut Evonik from "Buy" to "Hold" on November 3 while keeping its fair value at EUR 22. Deutsche Bank Research reaffirmed its "Hold" rating on Thursday following the quarterly figures, lifting its price target to EUR 22 from EUR 18.

A 40% Earnings Leap

The numbers behind those revisions landed on November 3. Evonik reported adjusted EBITDA of EUR 629 million for the third quarter of 2026, a 40% increase on the same period a year earlier. For the full year, management expects adjusted EBITDA in the upper half of a EUR 2.0 billion to EUR 2.2 billion range.

The same day brought news of EUR 52 million committed to expanding the company's silicone platform in Essen, where a new production facility and a tank farm have been completed.

AI in the Plant and a Trade Fair Debut

Evonik also disclosed on Monday that it is deploying AI-supported process models in live plant operations at Evonik Oxeno for the first time. The initial applications are intended to improve energy efficiency and cut CO2 emissions.

Attention now shifts to Hanover, where the EuroTier 2026 trade fair opens today and runs through November 13. Evonik has announced it will present "Power of 65" alongside new solutions in the Specialty Nutrition segment, combining that offering with the products unveiled in Monday's announcement.