Evonik Maps Three Paths at Once While BASF Waits for a Price Conversation

Evonik's board has drawn a line that separates talking from selling. On Friday it declined to enter takeover negotiations with BASF, yet simultaneously offered what it described as a purely informational and confidential exchange. The distinction matters: a channel for conversation now exists, but no willingness to negotiate a sale has been declared. Neither a breakthrough nor a complete rupture follows from the refusal.

BASF, for its part, raised its offer roughly a week earlier. According to Handelsblatt, the improved bid came in at 24 euros per Evonik share, or around 11.2 billion euros. Evonik turned that down as well. The rejection underscores a simple point — a higher price on its own does not bridge the gap between the two sides' positions.

What the Bidder Sees Versus What the Market Shows

BASF labeled the 24.00 euro per-share offer attractive and, per WDR on Friday, met the rejection with incomprehension. Reuters reported the same day that the chemicals giant pointed not only to its sweetened bid but also to commitments covering employees and sites. Those pledges form part of the bidder's case; they do not constitute Evonik's consent.

Chief executive Markus Kamieth reaffirmed the takeover interest on Wednesday, telling Reuters that BASF would "not pay excessive prices" and was under no obligation to close a deal. Willingness to buy, in other words, is not the same as accepting every demand.

Should investors sell immediately? Or is it worth buying Evonik?

For shareholders, the gap between offer and market price tells its own story. Friday's closing level of 21.06 euros sat below the 24-euro proposal. That spread reflects an uncompleted deal, not a guaranteed payout — and it offers no reliable signal about whether, or how likely, an agreement might eventually be reached.

A Parallel Shopping Trip Abroad

While fending off BASF, Evonik has reportedly been weighing a sizable acquisition of its own. Reuters reported on 22 October, citing two insiders, that the group was examining a takeover of US chemicals firm Ashland. Handelsblatt described the same review that day as early-stage, with no deal assured. Evonik has declined to comment.

This potential purchase should not be read as a confirmed defensive maneuver against BASF. Per the Reuters report, the review process had begun before the takeover approach materialized. It represents an additional strategic option on the table — not a decided course of action.

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Syneqt Charts Its Own Course

A third layer involves Evonik subsidiary Syneqt. Managing director and spokesperson Thomas Basten argued for its independence on Tuesday, telling Reuters that Syneqt would be more agile and more effective without being tied to the group. The unit bundles the Marl and Wesseling chemical park operations and their roughly 3,500 employees, and Evonik plans to launch the sale process next year. BASF had previously said it could operate the chemical parks itself if necessary — a stance that puts the two companies at odds over Syneqt's future without amounting to any agreement on a BASF-run operation.

So three strategic tracks now sit side by side, each at a different stage of commitment: the limited exchange with BASF, the reported review of an Ashland purchase, and the planned Syneqt sale process. The clearest takeaway from Friday's statement is that the line to BASF stays open — but readiness to negotiate a takeover does not follow from it. For investors, the firm anchor remains Evonik's declared focus on staying independent.

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