BASF and Evonik Chiefs Take €24 Bid Talks Into Their Own Hands
Published on 11/09/2026 at 14:01 | Editorial boerse-global.de
Talks over BASF's pursuit of Evonik have moved to the very top of both companies, with the chief executives and finance chiefs of the two groups meeting over the weekend, according to a Reuters report citing two people familiar with the matter. The direct exchange gives BASF a further opening — provided the two sides can converge on valuation and terms.
Evonik had rejected BASF's improved offer roughly two weeks ago and asked for a closer justification, while keeping the door open to further discussions. The weekend meeting builds on that willingness to talk. Nothing was disclosed about what was discussed, and Evonik declined to comment on the encounter.
Price Remains the Sticking Point
The improved bid valued Evonik at €11.18 billion, or €24 per Evonik share. Evonik had already turned down BASF's first approach in September at €22.15 per share, meaning the suitor has raised its price as the campaign has progressed. For BASF shareholders, the decisive next step is a concrete narrowing of positions: the talks would advance the takeover plans only if they produce workable conditions agreed by both sides.
The seniority of the participants — CEOs and CFOs on both sides — underlines how much the transaction matters to each company. Whether BASF can make a convincing case for its valuation, and whether a common framework emerges, will determine how the process unfolds.
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A Sensitive Backdrop in the Market
The stock reaction has been unforgiving. BASF shares fell 2.9% on Friday, a weak close that frames the negotiations in a fragile trading environment without offering any verdict on their outcome. From the buyer's perspective, a deal would be persuasive only if the expected benefits justify the purchase price and the burdens that come with it; a further increase in the offer would raise the bar for those expected returns.
China Electronics Site and an Automotive Award
Away from the Evonik standoff, BASF's news flow has included an investment agreement in China. On 3 November the company signed a deal with the Nanjing Jiangbei New Area for a new production site for electronic materials, to be built in the Materials High-Tech Park. BASF has pointed to a start of production by the end of 2028.
The group also picked up recognition on Thursday alongside Toyota and Vuteq. BASF said the three companies received the SPE Automotive Innovation Grand Award for the bed of the 2026 Toyota Tacoma.
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Guidance Raised Before the Standoff
Underpinning the financial picture is BASF's upgraded outlook, lifted about two weeks ago. For the full year 2026 the company now expects EBITDA before special items of between €7.4 billion and €7.8 billion, up from a prior range of €6.9 billion to €7.7 billion — a raise at both the bottom and the top of the band. For the third quarter of 2026, BASF reported revenue of €16.4 billion, a figure covering the completed quarter, while the EBITDA guidance describes management's expectation for the full year.
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