Evonik Rejects BASF Talks Outright as Kamieth Sets 2028 Horizon

Evonik's board has drawn a line that leaves BASF with a channel but no negotiating table. On Friday the specialty chemicals group declined to enter talks over a voluntary public takeover offer, while keeping the door open to what it described as an informative and confidential exchange. That distinction sits at the heart of the standoff: a willingness to communicate is not consent to sell.

The rejection followed a written expression of interest from BASF roughly two weeks ago. Evonik's response permits contact between the two companies but does nothing to soften its opposition to transaction negotiations. For anyone reading the takeover speculation, the narrow purpose of that exchange matters more than the mere fact it exists.

A price increase that changed nothing

Reuters, citing two insiders, reported that BASF had lifted its offer to EUR 24 per share. An earlier bid of EUR 22.15 per share had already been turned down. The improved figure did not move Evonik into negotiations either.

That sequence makes plain that a richer offer and a readiness to talk are judged on separate tracks. Reuters noted the rejection weighed on Evonik stock on Friday, with the board's decision — not any fresh analyst action — the trigger. At a current price of EUR 20.84, the shares trade below the reported offer level, though that gap is not a promised takeover payout: Evonik has explicitly refused to negotiate.

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BASF signals flexibility, Evonik questions the rationale

BASF, for its part, continues to court Evonik with strategic arguments. Chief executive Markus Kamieth stressed that the company would not pursue a combination "at any price," according to Chemical Week. Yet no common line has emerged. Evonik, after reviewing BASF's letter, intends to press ahead with its own strategy rather than open takeover discussions.

The reservations go beyond money. The Börsen-Zeitung reported that Evonik doubts the offer on strategic grounds and that BASF has yet to give its own shareholders a corresponding explanation. The dispute therefore touches the reasoning behind the deal, not just its financial terms.

Timing and synergies add further hurdles

Even a higher bid would not clear the remaining obstacles. Kamieth said on Wednesday that approvals would make any completion possible in 2028 at the earliest. The expected synergies also hinge on Evonik's planned sale of its C4 business.

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Official offer details have not been published by either company, so the EUR 24 figure should not be read as a secured exit value for shareholders. The reported offer price is not a transaction price.

What investors must weigh, then, are two separate questions: Evonik's standalone strategy and a takeover prospect that remains unconfirmed. The next firm date on the calendar is the third-quarter 2026 report, due on 3 November 2026, which will put the operating business back in focus. On the strategic question, no rapprochement has been confirmed — Evonik's Friday statement stands: independence is the reaffirmed course, and any exchange with BASF stays purely informational and confidential.

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