Business · Companies · 12 hrs ago
Evonik weighs US acquisition as BASF pursues takeover
German specialty chemicals group Evonik is considering buying US company Ashland while it faces a takeover approach from larger rival BASF.
Ashland makes ingredients and additives used in medicines, cosmetics, paints, food and other products.
The US company has about 2,900 employees and operates in more than 100 countries.
Its market value is more than $3.3 billion, and it forecast adjusted earnings of $385 million to $400 million for its 2026 financial year.
BASF has reportedly raised its offer for Evonik to more than €11 billion, after Evonik did not accept an earlier offer of €22.15 per share.
Evonik has said it wants to expand beyond Europe, and a purchase of Ashland could fit that plan.
No deal has been announced, and Evonik has declined to comment on market speculation.
Evonik is considering a major acquisition of US specialty chemicals company Ashland, according to reports cited by WirtschaftsWoche and Handelsblatt.
Ashland was valued at more than $3.3 billion and had about 2,900 employees across more than 100 countries.
The reports come as BASF is pursuing a takeover of Evonik, with its offer reportedly raised to more than €11 billion.
Evonik has been assessing larger acquisitions outside Europe as part of a strategy to expand, particularly in the Americas and Asia.
An Evonik spokesperson said the company does not comment on market rumors.
- Who
- Evonik is considering buying Ashland, a US specialty chemicals company.
- What
- Evonik is reviewing a possible major acquisition. The reports come as BASF seeks to take over Evonik.
- When
- The reports were published on October 23, 2026. Handelsblatt said Evonik had been examining larger acquisitions for months.
- Where
- Ashland is based in the United States and operates in more than 100 countries.
- Why
- Evonik has been considering acquisitions outside Europe as part of its growth strategy. The sources also describe the broader consolidation of the chemicals industry.
This story does not have two clearly opposing sides.
Evonik bought the specialty chemicals business of Air Products for $3.8 billion.
Evonik chief executive Christian Kullmann said the company would make no acquisitions for the next two years.
Evonik set out its growth strategy to 2030 and said it would consider further investment projects, mainly in the Americas and Asia.
Handelsblatt and WirtschaftsWoche reported that Evonik was considering an acquisition of Ashland.
- Ashland valuation
- More than $3.3 billion
- Ashland workforce
- About 2,900 employees
- Ashland reach
- More than 100 countries
- Ashland fiscal 2026 revenue outlook
- $1.835 billion to $1.87 billion
- Reported BASF offer for Evonik
- More than €11 billion
2 sources
What people are saying
In the next two years, we will make no acquisitions.
We are fully focused on the biggest transformation in Evonik’s history. Our three-step plan — save, transform, grow — is complex enough. We will see after 2027.