Business · Companies · 6 hrs ago
Evonik rejects BASF takeover after first executive meeting
BASF and Evonik executives met on Saturday to discuss BASF’s interest in acquiring the German specialty chemicals company Evonik.
The meeting, held near Frankfurt, included the companies’ chief executives and finance chiefs, according to people familiar with it.
Evonik had agreed to an informational exchange, not formal negotiations, and used the meeting to explain why it wants to remain independent.
The company argues its specialty chemicals businesses can perform better under its own plans, including a target of raising returns on invested capital to 11 percent over the medium term.
BASF says a larger combined company would be better placed to compete globally, but the leaders left without a plan for takeover talks.
BASF previously offered 24 euros per Evonik share, and Evonik rejected a revised offer, according to one report.
The companies’ next scheduled meetings are in late November, but movement on the takeover is considered unlikely by then; Evonik also expects its chief executive, Christian Kullmann, to return early next year after an illness.
The leaders of BASF and Evonik met on Saturday for an initial discussion about BASF’s interest in taking over Evonik.
The meeting took place in the Frankfurt area, and included the companies’ chief executives, finance chiefs and advisers.
Evonik used the meeting to reaffirm its preference to remain independent and explain how it plans to increase its value.
The companies left without a plan for formal takeover negotiations, which Evonik’s board continues to reject.
BASF has argued that combining the businesses would create a stronger European chemical company able to compete more effectively.
- Who
- The leaders and finance chiefs of BASF and Evonik met, accompanied by advisers.
- What
- They held an initial discussion amid BASF’s interest in acquiring Evonik. They did not agree on a plan for formal negotiations.
- When
- Saturday, before the reports were published on November 9, 2026.
- Where
- The Frankfurt area, according to Handelsblatt.
- Why
- Evonik offered an informational exchange to explain its position and hear BASF’s motives. BASF has argued a merger would strengthen the combined company against global competition.
BASF
Evonik
Merger rationale
BASF
BASF says a combination would create a stronger European chemical company better able to face growing competition from Asia and the Middle East.
Evonik
Evonik’s board says the company’s specialty-chemicals businesses can develop better under its own planned structure.
Company strategy
BASF
BASF sees Evonik as a preferred, but not its only, option for strengthening its core businesses.
Evonik
Evonik says it can shape its future independently and is also looking for acquisitions.
Evonik’s board rejected formal negotiations but offered a confidential informational exchange.
BASF and Evonik leaders met in the Frankfurt area, with finance chiefs and advisers also participating.
Reports said the companies had left the meeting without a plan for formal negotiations.
- Meeting location
- Frankfurt area
- Evonik’s planned return on capital
- 11% in the medium term
- BASF’s revised offer
- €24.00 per share, rejected by Evonik
- BASF agricultural division IPO
- Planned for 2027
- Next regular board meeting
- November 25
2 sources
What people are saying
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