Evonik's Takeover Saga Meets Trade Politics: A Stock Within Touching Distance of Its High
Published on 10/14/2026 at 16:02 | Editorial boerse-global.de
Evonik's equity is trading just shy of its yearly peak as a political showdown in Düsseldorf, a cautious silence from its largest shareholder, and a looming Brussels summit converge on the specialty chemicals maker.
The shares changed hands at 21.40 euros on the day North Rhine-Westphalia's state parliament debated BASF's courtship of the Essen-based group, keeping the stock within reach of its 52-week high of 21.84 euros. A day earlier, the paper had climbed 2.4 percent to close at 21.46 euros — leaving it just 0.7 percent below its prior annual peak of 21.62 euros. Since BASF's exploratory talks surfaced roughly two weeks ago, the stock has added 8.0 percent.
Düsseldorf Says No — to Both a Deal and a State Stake
Economic Affairs Minister Mona Neubaur used her appearance in the state legislature to come out against a merger of the two chemical giants, while also flatly rejecting calls for North Rhine-Westphalia to take a direct stake in Evonik. Her priority, she said, is protecting existing jobs and core corporate functions in the state, where Evonik employs more than 11,000 people. From the state government's vantage point, a sale to BASF carries risks for the chemical industry's local footprint.
The opposition SPD pressed for binding guarantees on jobs, sites, and investment commitments for the domestic plants. Caucus leader Jochen Ott floated the idea of a state share purchase should such assurances fail to materialize, proposing a controlling majority built together with the RAG Foundation, which currently holds 43 percent of Evonik.
That proposal drew a rebuff from the governing coalition. Alongside Neubaur, the CDU also rejected state involvement; lawmaker Björn Franken pointed out that no binding offer from BASF has yet been tabled. FDP caucus chief Henning Höne stressed that the focus must above all be on safeguarding value creation and industrial sites.
Should investors sell immediately? Or is it worth buying Evonik?
BASF Hints at a Higher Price — but No Talks Are Underway
Behind the parliamentary sparring lies BASF's takeover attempt. According to a person familiar with the matter, the Ludwigshafen-based group is now signaling willingness to discuss a higher offer once it has examined Evonik's books. Formal negotiations between the two companies are not currently taking place, and the outcome of the soundings remains open.
BASF is also reportedly reviewing Evonik's plans to sell its Oxeno and Syneqt businesses. At the same time, the Ludwigshafen group has held out the prospect of honoring existing site and employment agreements. Evonik has contractually ruled out compulsory redundancies in Germany through 2032.
The RAG Foundation Stays on the Fence
Investors and shareholder representatives are bracing for a renewed push by BASF in the coming weeks, according to a Handelsblatt report. Ulrich Hocker, president of the German Association for the Protection of Securities Holdings (DSW), expects another advance from the Ludwigshafen chemical group.
The RAG Foundation remains Evonik's largest shareholder. Its board of trustees had itself briefed on BASF's interest on October 9, but according to Handelsblatt, the body declined to take a position on the merits of the plans and deferred to the management boards of both companies; no decision was on the agenda. The contents of the meeting stayed confidential.
Labor representatives, meanwhile, are digging in. IG BCE chairman Michael Vassiliadis questioned a full sale of the RAG Foundation's Evonik stake to BASF in an internal letter to works councils dated October 7.
Analysts See a Floor Forming Under the Shares
The takeover interest is rippling through equity research. Sebastian Bray of Berenberg upgraded Evonik from "Sell" to "Hold" on October 5 and lifted his price target from 15.50 to 20 euros, citing among other factors that BASF's courtship could serve as a floor for the stock. A day later, Parmantier & Cie reaffirmed its "Hold" rating with a 12-month target of 20.50 euros.
Evonik at a turning point? This analysis reveals what investors need to know now.
A Japanese Recycling Venture and a November Date With the Numbers
Away from the ownership question, Evonik is pushing ahead with operational projects. Together with partners Toyotsu Chemiplas and Sanyo Chemical, the group launched an initiative in Japan yesterday for the chemical recycling of polyurethane foam, aiming to produce recycled polyols in the future.
Investors will get hard evidence on the current business trajectory in a few weeks: the company has scheduled publication of its third-quarter 2026 report for November 3, 2026.
Brussels in the Frame
Beyond the takeover speculation, European trade policy is moving center stage. Possible protective measures against imports are on the agenda at the summit of European heads of state and government in Brussels, which begins tomorrow (Thursday). According to Bloomberg, the German government is pushing for European action against cheap imports from China affecting chemicals, mechanical engineering, and pharmaceuticals, among other sectors. A trade-policy backstop could ease the persistent margin pressure in Europe's basic and specialty chemicals industry and give players in the sector additional room to maneuver.
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Evonik Stock: New Analysis - 14 October
Fresh Evonik information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
