Business · Companies · 11 hrs ago
BASF chief offers job guarantees to win support for Evonik takeover
BASF chief executive Markus Kamieth is promoting a BASF takeover of rival Evonik in Germany.
He says a merger would help German chemical companies compete with growing rivals in Asia and the Middle East.
Evonik is already undergoing a restructuring that could cut thousands of jobs by 2029.
Kamieth says forced layoffs would be ruled out until 2032 and existing labor agreements would remain unchanged.
He also says Essen and North Rhine-Westphalia would stay important, and BASF could continue operating Evonik's chemical parks in Marl and Wesseling.
Evonik rejected an earlier offer, reported at about €14 billion, as too low, and BASF says it is ready to talk but will not pursue a deal at any price.
The RAG Foundation, which owns about 43% of Evonik, is a key shareholder, and no takeover agreement has been announced.
BASF chief executive Markus Kamieth offered job and location guarantees to build support for a possible takeover of Evonik.
He said Evonik would have no redundancies for operational reasons until 2032 and that collective agreements would remain unchanged.
Kamieth said Essen and North Rhine-Westphalia would remain important locations, with at least one board portfolio based there.
BASF and Evonik confirmed exploratory talks in September, but Evonik reportedly rejected an initial offer as too low.
Kamieth argued that consolidation would help German industry compete with rivals in Asia and the Middle East.
- Who
- BASF chief executive Markus Kamieth is promoting a possible takeover of Evonik.
- What
- Kamieth offered job and location guarantees to win support. BASF and Evonik have confirmed exploratory talks.
- When
- Kamieth made the statements on Thursday, October 22, 2026. The companies confirmed exploratory talks in September.
- Where
- The proposed takeover concerns Evonik, based in Essen, and its operations in Germany, including sites in Marl and Wesseling.
- Why
- Kamieth said German industry must consolidate to compete with rivals in Asia and the Middle East and avoid being bought by foreign investors.
BASF and Markus Kamieth
Critics and stakeholders concerned about the takeover
Purpose of a takeover
BASF and Markus Kamieth
Kamieth said a combination would be a strong German response to global competition.
Critics and stakeholders concerned about the takeover
Gewer unions and North Rhine-Westphalia’s state politics have raised concerns about the proposed takeover.
Jobs and sites
BASF and Markus Kamieth
Kamieth promised no operational redundancies at Evonik until 2032 and said Essen and North Rhine-Westphalia would remain important locations.
Critics and stakeholders concerned about the takeover
The sources do not detail specific demands or positions beyond reported concerns.
BASF and Evonik confirmed exploratory talks.
Evonik reportedly rejected an initial BASF takeover approach, valued at around €14 billion, as too low.
Kamieth publicly promoted the takeover and offered job and location guarantees.
- Job guarantee
- No operational redundancies at Evonik until 2032
- Evonik takeover approach
- Reportedly valued at around €14 billion
- BASF offer price
- About €22.15 per Evonik share, according to people familiar with the matter
- RAG-Stiftung stake
- Around 43% of Evonik
- Chemie parks
- Marl and Wesseling; around 3,500 workers in the parks being put up for sale
2 sources
What people are saying
Now is the time. Think smaller alone or bigger together.
Operational redundancies would be ruled out until 2032.
Collective agreements will remain untouched.
A merger will not happen at any price.