Evonik to BASF: We'll Talk, But Not About a Deal
Published on 10/31/2026 at 05:51 | Editorial boerse-global.de
Evonik has drawn a distinction that could define its takeover defense for months: it is willing to sit down with BASF for a confidential exchange of information, but it will not negotiate over the sweetened €24.00-per-share offer. The board made the position explicit in a statement, pairing a flat rejection of talks with a limited opening for dialogue.
That gap between talking and negotiating is the crux of the standoff. Management has not shut the door on BASF entirely. It has, however, separated the sharing of information from any discussion of the voluntary public takeover bid. Consent to the offer, or movement on its terms, cannot be inferred from the offer to talk. The stated strategic course remains the standalone development of the company.
A Sweetened Bid That Changed Nothing
The €24.00 figure emerged on 23 October, when Reuters reported — citing two people familiar with the matter — that BASF had raised its offer to that level. At the time, neither company had confirmed the improved bid. Evonik's statement now refers explicitly to the enhanced offer, which puts the price question squarely alongside the board's independent course rather than in place of it.
BASF met the refusal with incomprehension, according to Reuters, pointing not only to the higher price but also to commitments it had made on jobs and sites. Evonik, for its part, has drawn a firm line between negotiations and informative contact. The confidential exchange it has offered is not an entry point into takeover talks.
Should investors sell immediately? Or is it worth buying Evonik?
The Market Read It as a No
Investors focused first on the rejection. According to dpa-AFX, Evonik shares fell in pre-market trading after the news, and the limited offer of dialogue did nothing to soften the initial negative reaction. The stock closed on Friday at €21.06 — below the price BASF has put on the table. That spread alone settles neither the valuation question nor the direction of the takeover effort.
A Subsidiary Charts Its Own Path
The debate extends past the bid price. Syneqt, the Evonik chemicals-park operator, stressed on Tuesday the strategic value of its independence, citing agility and performance outside a group structure, according to Reuters. Evonik plans to sell the subsidiary. The two strands give shareholders distinct questions to weigh: control of Evonik on one side, and the shape of the company on the other.
There is also a possible acquisition on Evonik's own side of the ledger. Roughly a week ago, Handelsblatt reported that Evonik was examining a larger US purchase and had set its sights on Ashland. No takeover agreement was indicated, so the review remains separate from any binding transaction.
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November 3 as the Next Marker
The next confirmed corporate date is 3 November 2026, when Evonik publishes its report for the third quarter of 2026. That shifts attention back to operating performance alongside the takeover question. Until then, the board's stance is fixed: stay independent, refuse takeover negotiations, and permit only a confidential exchange of information. The statement opens a channel for communication — not a process for negotiation.
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