Evonik's November Reckoning: A Confirmed Earnings Date, Two Unconfirmed Deals
Published on 10/30/2026 at 03:52 | Editorial boerse-global.de
Evonik has handed investors a fixed date to circle in the diary: 3 November 2026, when the specialty chemicals group reports third-quarter results. That confirmed appointment matters precisely because almost everything else surrounding the company right now sits in the realm of the unconfirmed — a reported takeover approach from BASF and a possible multi-billion-dollar acquisition of its own.
The two storylines run on separate tracks and should be judged on separate merits. One concerns Evonik as a target; the other concerns Evonik as a buyer. Neither has produced a signed agreement, and neither can yet be treated as the company's settled future.
BASF's Interest Comes With Strings Attached
On the bid side, Reuters reported on 23 October, citing two people familiar with the talks, that BASF had raised its offer to €24 per Evonik share — more than €11 billion in total. Evonik said it would examine the proposal. A confirmed, binding offer has not been documented.
BASF chief executive Markus Kamieth made the buyer's conditions plain on Wednesday, describing an acquisition as "a can, not a must" and stressing that any transaction would have to create value for BASF shareholders. Economic attractiveness for the acquirer, in other words, remains an explicit prerequisite.
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Kamieth had already made the case for a combination on 22 October, according to Reuters, holding out the exclusion of compulsory redundancies through 2032 alongside the preservation of collective bargaining agreements and social partnership arrangements. Those commitments describe possible terms of a merger — not a completed takeover contract. Expressed interest does not turn a reported offer into a secured deal.
A US Shopping Trip That Predates BASF's Move
Separately, the Handelsblatt reported on 22 October that Evonik is weighing a billion-euro acquisition in the United States, with rival Ashland in particular in its sights. Evonik declined to confirm the review, stating that it does not comment on market rumours as a matter of principle.
According to Reuters insiders, Evonik is among several parties interested in Ashland, and the examination began before BASF's approach. That sequencing carries weight: the review cannot simply be read as a reaction to BASF, but describes a possible transaction of Evonik's own making. It does not, however, imply a purchase decision or any agreement with Ashland.
Reading the Quarter, Not the Rumours
The distinction between the two tracks has been sharpened by the flow of news. BASF reaffirmed its interest in Evonik while presenting its own quarterly figures, dpa-AFX reported. The business numbers and the raised earnings guidance disclosed in that release belong to BASF — they say nothing about Evonik's operating performance.
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That leaves two separate valuation questions standing side by side: how Evonik's business is developing, and which strategic changes might actually materialise. The announced quarterly report addresses the first. The second stays tied to the outcome of the respective talks and reviews.
For investors, the practical takeaway is a discipline of separation — confirmed statements on one side, reported negotiations on the other. The 3 November publication will add colour on operations. It will not, on its own, deliver a verdict on Ashland or on a combination with BASF.
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