Business · Companies · 2 days ago
BASF may raise rejected offer for Evonik and promise job protections
BASF, Germany’s largest chemical company, is pursuing a takeover of Evonik, a rival based in Essen.
Evonik rejected an initial offer made in late September, which valued the company, including its debt, at about €14 billion.
Insiders say BASF may raise its offer if talks begin, and is considering promises about Evonik’s jobs and sites.
Evonik says it is not currently in talks with BASF.
The RAG Foundation, which owns about 43% of Evonik, has been briefed on BASF’s interest and could sell its entire stake.
Politicians and unions are concerned about the effect a takeover could have on jobs and the company’s future, especially in North Rhine-Westphalia.
The state’s parliament is due to discuss the issue next Wednesday, while BASF and Evonik have not announced any next steps toward a deal.
BASF may increase its offer for Evonik after the German chemicals group rejected an initial bid, according to people familiar with the matter.
BASF is also considering pledges to Evonik employees, including on company sites.
Evonik says it is not in talks with BASF.
The RAG Foundation, which owns about 43% of Evonik, was briefed on BASF’s interest by its board.
Politicians and unions have raised concerns about jobs and Evonik’s independent development.
- Who
- BASF is pursuing a takeover of Evonik, whose largest shareholder is the RAG Foundation.
- What
- BASF may raise its rejected offer and consider pledges to Evonik employees and sites.
- When
- The reports were published on October 9, 2026. BASF and Evonik confirmed exploratory talks in September.
- Where
- Evonik is based in Essen, Germany; BASF is based in Ludwigshafen, Germany.
- Why
- BASF wants to acquire Evonik. The RAG Foundation and political and union representatives are weighing the offer and its implications for jobs and sites.
BASF
NRW politicians and labor representatives
Acquisition and safeguards
BASF
BASF is pursuing an acquisition and may increase its offer and make pledges to Evonik employees and sites.
NRW politicians and labor representatives
The NRW state government says jobs and Evonik’s independent development must not be put at risk; the NRW SPD supports state involvement, and IG BCE has called for job and site prospects and investment commitments.
Ownership
BASF
BASF is seeking to buy Evonik.
NRW politicians and labor representatives
The RAG Foundation has said it could sell its entire Evonik stake, while the NRW SPD is pressing for state participation.
You can assume that the current offer is not the last word.
There are still no talks with BASF.
The jobs and the independent development of the company must not be called into question.
There must be prospects for the future and investment commitments for the employees and sites of both companies.
BASF and Evonik confirmed exploratory talks.
Evonik reportedly rejected BASF’s initial offer of about €22.15 per share, valuing the company at about €14 billion including debt.
The RAG Foundation’s board received information about BASF’s interest in Evonik from the foundation’s executive board.
The issue is due to be discussed in the NRW state parliament.
- Initial offer
- About €22.15 per Evonik share
- Implied valuation
- About €14 billion including debt
- RAG Foundation stake
- About 43% of Evonik
- Evonik workforce
- About 31,000 people worldwide
- Evonik employees in NRW
- More than 11,000
- BASF workforce
- About 95,000 people worldwide
Sources
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