BASF Lifts Guidance but Cash Flow Sags as Evonik Talks Stall
Published on 11/07/2026 at 13:41 | Editorial boerse-global.de
A broad retreat in AI and semiconductor stocks rippled through Frankfurt on Thursday, dragging the DAX lower and leaving BASF among the casualties. The Ludwigshafen-based chemicals group shed 2.9% in the weak market, with the stock closing at EUR 53.98. Media reports linked the selling pressure in the US and Asia to mounting worries over tighter regulation of artificial intelligence.
Evonik Stands Its Ground
On the corporate front, the proposed takeover of Evonik remains at an impasse. Evonik's interim chief executive, Claus Rettig, told the FAZ on Thursday that the company would not negotiate a sale to BASF, reiterating a refusal first issued roughly a week ago after Evonik reviewed a letter from its larger rival. The most recent offer on the table stood at EUR 24 per Evonik share. Evonik has nonetheless signalled a willingness to hold purely informational and confidential discussions.
Reuters reported on 28 October that BASF chief executive Markus Kamieth would only pursue Evonik if the deal were value-accretive for BASF shareholders. Two people familiar with the matter had earlier told Reuters that the bid had been raised.
Should investors sell immediately? Or is it worth buying BASF?
Upgraded Outlook, Weaker Cash Generation
Away from the M&A drama, BASF's third-quarter 2026 figures, released on 28 October, showed sales of EUR 16.4 billion, up 14% year on year. EBITDA before special items climbed 15% to EUR 1.6 billion. The group had already raised its full-year 2026 guidance for EBITDA before special items about a week earlier, setting a new range of EUR 7.4 billion to EUR 7.8 billion, compared with the previous EUR 6.9 billion to EUR 7.7 billion.
Operating cash flow, however, told a different story. At EUR 1.1 billion for the quarter, it came in EUR 275 million below the prior-year level.
Awards Season in Detroit
BASF also had non-financial news to report. Together with Ford and Supavut Thailand, it won the SPE Automotive Innovation Award in the materials category for door handle bezels on the 2026 Ford Everest. A second prize, in the Chassis/Hardware category, went to BASF, Stellantis and L&L Products for a composite tunnel reinforcement used in the 2027 Jeep Grand Cherokee. The day before, BASF, Toyota and Vuteq had collected the SPE Automotive Innovation Grand Award as well as the Body Exterior category prize for the thermoplastic truck bed of the 2026 Toyota Tacoma.
Separately, ALTA Performance Materials signed an agreement with BASF to acquire the Chilean business unit tied to the sale of the Palatal operations.
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