Evonik's Dual Track: A $24 Bid, a US Shopping Trip, and a November Reckoning
Published on 10/29/2026 at 11:02 | Editorial boerse-global.de
Evonik finds itself in the unusual position of being both hunter and prey. While BASF circles with a sweetened offer, the specialty chemicals group is quietly casing acquisition targets of its own in the United States — two storylines that investors would be wise to keep strictly apart.
The next hard datapoint on the calendar has nothing to do with either deal. Evonik has scheduled its third-quarter 2026 report for November 3, 2026, a date that will give shareholders their first proper read on operating momentum since the takeover chatter began.
A Price Tag, Not a Deal
Reports peg BASF's improved offer at roughly EUR 24 per Evonik share, or a little over EUR 11 billion in total. The figures trace back to people familiar with the transaction, according to dpa-AFX, and Reuters carried the same higher bid on October 23. What the headlines do not deliver is certainty: no agreement has been signed, and the reported terms remain a proposal rather than a completed transaction. For shareholders, the distinction matters as much as the number itself.
BASF chief executive Markus Kamieth, speaking at his own company's quarterly results presentation, described a combination with Evonik as a sensible step. That is the buyer's strategic case, made publicly and on the record — but expressed interest is not the same as a secured deal.
Political Static From the CDU's Labour Wing
Pushback has arrived from an unexpected quarter. Dennis Radtke, who chairs the CDA, the labour wing of the CDU, warned in the WAZ newspaper against the loss of thousands of jobs and called for the plan to be abandoned outright. His objection targets the takeover itself rather than any particular term.
Should investors sell immediately? Or is it worth buying Evonik?
It is worth being precise about what Radtke's intervention represents: a political risk assessment, not a confirmed consequence of any merger. Nor does the political criticism prove that redundancies are coming. What it does show is that the debate extends well beyond the purchase price, with employment questions now firmly part of the conversation.
Meanwhile, Evonik Goes Shopping
Running in parallel is Evonik's own expansion agenda. Reuters reported on October 22, citing two insiders, that the company is weighing a takeover of US rival Ashland — with Evonik named as one of several interested parties and the process still at an early stage. The Handelsblatt, in a same-day report, said Evonik has been studying larger acquisitions outside Europe for months, with the US specialty chemicals group Ashland in particular focus. An Evonik spokesperson declined to comment on the report.
No completion is guaranteed. And the two threads — Evonik as target, Evonik as acquirer — do not share a timeline or depend on one another. Each stands as a separate strategic question, and neither has been confirmed as a executed transaction.
Product Launches Fill the Gap
Beyond the deal speculation, Evonik has kept its commercial engine running. On October 20 the company unveiled two stiffer VESTAKEEP PEEK grades aimed at long-term dental prosthetics. A day earlier it brought Lypron to market, a product intended to complete its amino acid balancing concept for ruminants.
These announcements document activity in the product portfolio, though they cannot be equated with a quantified contribution to earnings. That is precisely why the quarterly report carries weight: it will pull attention back to the running business, alongside the strategic options still hanging in the balance.
Until November 3, the news flow is likely to be dominated by unresolved transaction questions and the political row over potential job losses. Investors would do well to treat the reported bid, the Ashland exploration, and the upcoming results as three distinct items — each with its own evidence base and its own risk profile.
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