Evonik Refutes Union Financing Critique as BASF Keeps Bid Door Ajar
Published on 10/22/2026 at 06:30 | Editorial boerse-global.de
Evonik has pushed back against claims from its own union that its finances are on shaky ground, adding a fresh front to a takeover saga that already involves a conditional suitor, a skeptical state government and a workforce anxious about its future. The company's rebuttal, reported on 16 October, came just days before it brought a new ruminant feed additive to market — two developments that, while unrelated, both bear on how investors should read the stock.
Credit Ratings Cited in Rebuttal
Citing sources close to the company, Handelsblatt reported that Evonik rejected remarks by IG BCE chairman Michael Vassiliadis concerning "problematic financing issues," pointing instead to improved credit ratings. The exchange sets the chemical maker's own assessment of its balance sheet against the union's more pessimistic reading.
Vassiliadis did not confine his criticism to financing. According to the Rheinische Post, he also took aim at the RAG-Stiftung, arguing that the foundation would need to explain what it intends to do with the proceeds of any exit from Evonik. His demand therefore concerns the use of potential sale proceeds rather than the terms of a transaction alone.
For shareholders, the distinction matters. Statements about creditworthiness say nothing about who will ultimately own the company, and debate over how sale proceeds might be deployed does little to settle the outcome of the takeover fight.
Should investors sell immediately? Or is it worth buying Evonik?
Politics Centres on Jobs
The political dimension has its own logic. North Rhine-Westphalia's economy minister, Mona Neubaur, came out against a takeover in the state parliament on 14 October, where lawmakers simultaneously rejected an SPD motion calling for a review of a possible state stake. Media reports indicate she stressed the importance of jobs and sites in the region, with the state government saying it wants to keep the workforce in place. That focus on the consequences of an ownership change sits apart from Evonik's credit-rating argument.
BASF's Conditional Next Step
Behind all of this stands BASF's stated willingness to raise its offer — on one condition. According to dpa-AFX, the Ludwigshafen giant is keeping an improved bid open but first wants a look at Evonik's books. Its initial offer of EUR 22.15 per share was turned down as too low, which makes any sweetened proposal contingent on a precondition rather than a promised deal.
Reuters reported on 13 October that BASF would be prepared to contractually secure existing German site and employment guarantees in the event of a takeover. Such commitments shape the design of a possible combination; they do not amount to agreement on the transaction itself.
Product Work Continues Regardless
Operationally, Evonik has been busy. Monday's launch of Lypron, a rumen-stable lysine solution for targeted amino acid supply in ruminants, extends the company's amino acid concept, with Sipena lined up to manufacture the product exclusively. It is a concrete addition to the range rather than a mere development announcement — though a new offering is not by itself proof of extra earnings contributions.
Evonik at a turning point? This analysis reveals what investors need to know now.
Roughly a week earlier, Evonik began a recycling initiative in Japan alongside Toyotsu Chemiplas and Sanyo Chemical, aimed at building a model for the chemical recovery of polyurethane foam. Used foams and production residues are to be processed into recycled polyols and amines for new polyurethane products. The two projects sit at different stages of maturity: Lypron is already on the market, while the recycling model remains a development effort. A launch and a pilot are not the same kind of commercial progress.
The Date That Matters
What ties the strands together is the next scheduled financial disclosure. Evonik will publish its quarterly statement for the third quarter of 2026 on 3 November 2026 — a yardstick for judging the business that is altogether different from product announcements and takeover speculation. Until then, financing questions, owner interests and political demands are best weighed separately.
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