Business · Companies · 11 hrs ago
BASF raises offer for Evonik as RAG weighs its stake
BASF is seeking to buy German chemical company Evonik.
It first offered €22.15 per share, valuing the company at about €10.3 billion, and has since raised its offer to €24 per share.
Evonik rejected the initial offer as too low.
The RAG Foundation holds nearly 44% of Evonik and must decide whether to sell its stake.
Michael Vassiliadis, head of the IG BCE union, has links to BASF, the foundation and Evonik through past and current board roles.
He clarified that his comments about financing concerned the foundation’s reliance on Evonik dividends, not Evonik’s ability to borrow or raise money.
The foundation’s decision will shape the takeover bid, while Vassiliadis may have a role in discussions about the future of Germany’s chemical industry.
BASF has raised its offer for Evonik to €24 per share, according to Handelsblatt, citing people involved in negotiations.
The offer follows BASF’s initial bid of €22.15 per share, which Evonik rejected as too low.
The RAG Foundation, which owns just under 44% of Evonik, must decide whether to sell its stake.
BASF is courting Evonik shareholders and employees and is prepared to pay more, FAZ reported.
Union leader Michael Vassiliadis said the RAG Foundation depends on Evonik dividends but does not provide the company with additional growth capital.
- Who
- BASF is seeking to acquire Evonik. The RAG Foundation is a major shareholder whose decision on its stake is central.
- What
- BASF raised its offer to €24 per share after Evonik rejected its initial offer of €22.15 per share as too low.
- When
- The increased offer was reported on October 23, 2026. BASF’s initial offer was made at the end of September.
- Where
- Germany.
- Why
- BASF is seeking to take over its competitor Evonik. The RAG Foundation must decide whether to sell its stake.
BASF
Evonik
Offer
BASF
BASF raised its offer to €24 per share and is continuing to court shareholders and employees.
Evonik
Evonik rejected BASF’s initial offer of €22.15 per share as too low.
BASF initially offered €22.15 per Evonik share.
Handelsblatt reported that BASF had raised its offer to €24 per share.
- Raised offer
- €24 per share
- Initial offer
- €22.15 per share
- RAG Foundation stake
- Just under 44% of Evonik
- Initial bid value
- Around €10.3 billion
4 sources
Kreise: BASF geht mit höherer Offerte auf Evonik zu - 24 Euro je Aktie
Deep Read: Zwischen BASF, Evonik und RAG: Die besondere Rolle des Michael Vassiliadis
Kampf um Übernahme: BASF legt neues Angebot für Evonik vor