Evonik Wins Pharma Tech Prize as BASF's Rejected €10.3 Billion Approach Reshapes the Story

Evonik won a CPHI Pharma Award for its Self Driving Labs, while BASF's €10.3 billion takeover approach remains open and shares trade near highs.

Evonik's automated laboratory platforms have earned the specialty chemicals group a CPHI Pharma Award 2026 in the "Digital Transformation" category, handed over at a ceremony in Milan on Tuesday during the international industry fair. The accolade recognizes the company's Self Driving Labs — interconnected, self-operating research systems that push digitization deeper into pharmaceutical R&D.

That honor lands at an awkward moment. Barely a week has passed since word broke that BASF had opened exploratory talks over a possible takeover of its Essen-based rival, a disclosure that has lifted Evonik shares by 2.9 percent since surfacing.

A bid dismissed as too low

Reuters reported that Evonik turned down an unsolicited offer from the Ludwigshafen competitor worth €10.3 billion, judging it insufficient. According to the Financial Times and Süddeutsche Zeitung, that approach valued Evonik at roughly €22.15 per share. Evonik has acknowledged being contacted on a non-binding basis but stressed that no negotiations are currently underway, and it has not confirmed any agreed purchase price. BASF, for its part, has verified the exploratory contacts with Evonik and the RAG-Stiftung while describing the outcome as open — leaving formal talks and due diligence off the table for now.

The maneuvering has spilled into state politics in North Rhine-Westphalia. The regional government insists that existing jobs and Evonik's ability to develop independently must not be jeopardized by any takeover. On Tuesday, the SPD parliamentary group in Düsseldorf went further, filing a motion that floats a state stake, potentially alongside the RAG-Stiftung, to secure a controlling majority of "50 percent plus X." Reactions from NRW government representatives and the FDP ranged from rejection to reserve.

For its part, the RAG-Stiftung said its statutes — approved by its board of trustees — would permit the sale of its entire Evonik holding, but emphasized that no such divestment resolution exists and no approval has been granted for a BASF transaction.

Operational overhaul runs in parallel

While the market fixates on the takeover drama, management is pressing ahead with a sharper operational focus. In late September, Evonik announced it would tighten its growth strategy, assigning binding role profiles to its business units and its major German production sites. Concrete international projects are advancing too: alongside ongoing investment work in Canada and Slovakia, the group plans to launch a new business unit called Designed Polymer Solutions, aimed at cementing its foothold in higher-margin specialty applications as the broader sector grapples with cyclical headwinds.

Analysts recalibrate

Sentiment in the equity market has turned friendlier. Evonik closed Wednesday at €20.86, up 1.3 percent on the day, giving the company a market value of €9.60 billion. The stock now sits just 0.9 percent below its 52-week high and has climbed 56 percent since the start of the year.

Berenberg analyst Sebastian Bray upgraded the shares from "Sell" to "Hold" on October 5, adjusting his price target to €20. The confirmed takeover interest from BASF, in his view, provides a floor under the stock. A day later, on October 6, research firm Parmantier & Cie reiterated its "Halten" rating with a €20.50 target in a sector report.

Investors now look ahead to November 3, 2026, when Evonik publishes its interim report on third-quarter 2026 results and sheds light on how the operating business is faring.