Evonik Officially Announces: Termination of Sale!

Click to view conference information From December 17–19, 2026, the (4th) Conference on Polymer Circular Recycling will be held in Ningbo, Zhejiang Province. Centered on the theme “Advanced Recycling · High-Value Regeneration · Closed-Loop Applications,” the conference will focus on high-quality recycled plastics, chemical recycling, circular solutions for waste textiles and rubber, polyurethane, and composite materials—facilitating exchanges on cutting-edge technologies, industrialization practices, and downstream applications. Academia, research institutions, and industry professionals are warmly welcomed to attend and exchange insights. According to [Polymer Circular Recycling], on October 30, Evonik’s Executive Board carefully reviewed a letter dated October 22, 2026, issued by BASF SE. Based on currently available information, the Board has decided not to enter into negotiations with BASF regarding the proposed acquisition. The company will adhere to its established strategy, maintain its independent corporate status, and advance sustainable development. Meanwhile, the Executive Board stated its willingness to engage in confidential, information-only exchanges with BASF and to provide BASF an opportunity to elaborate on the rationale and key considerations underlying its acquisition proposal. It is reported that on September 25, BASF confirmed exploratory talks and submitted an initial bid of approximately €10.3 billion, which Evonik rejected; BASF later raised its offer to €11.18 billion. Click to read: BASF Confirms: Acquiring Evonik—Negotiations Underway! Today’s official announcement signals the temporary conclusion of this globally sensational acquisition case involving two chemical industry giants. Like many others, the author intuitively believes Evonik’s decision is sound—after all, Evonik is not a market leader in just one single product category, unlike ADNOC’s acquisition of Covestro or the merger of Olin and Huntsman. Evonik holds multiple star products and leads across several distinctive niches. Founded in 2007 upon its spin-off from RAG AG (a former Ruhr coal conglomerate), Evonik is headquartered in Essen and operates as a “pure specialty chemicals” company, organized into two major business segments: “Smart Materials” and “Customized Solutions.” Its portfolio includes numerous globally renowned, market-leading products such as: Specialty additives: TEGO® series, AEROSIL® (fumed silica) / AEROXIDE® (fumed metal oxides), DYNAVIS® technology—used in coatings, plastic recycling, batteries, and energy-efficient hydraulic oils.

Morning Briefing, October 14: Guangtian Holdings to Undergo Judicial Disposal | Restructuring of Meluck’s Shareholders and Two Other Firms | Yuexin Health Increases Investment in Long-Term Care Insurance by RMB 5.1 Million | Qianshan Wins Lawsuit Against Tianshan Panels | Malaysia Introduces New Law to Strictly Regulate Cross-Border E-Commerce Platforms, etc.

5. UK’s Largest Tile Retailer Topps Tiles Reports Annual Revenue of £292 Million, Closes 23 Stores Recently, Topps Tiles—the UK’s largest specialist tile retailer—released its full-year financial results ending September 26, 2026: Group revenue totaled approximately £292 million (RMB 2.587 billion), down 1.3% year-on-year. The company prioritized digital transformation and data-driven strategies throughout the year; online sales accounted for 21% of total revenue. Pro Tiler Tools achieved record revenue, while the integration of Fired Earth contributed to improved profitability. Concurrently, Topps Tiles closed 23 underperforming stores to optimize profitability. 6. TOTO to Merge Eight Sales Subsidiaries in 2027 On September 30, TOTO announced it will merge eight of its Japanese sales subsidiaries into TOTO MTEC effective April 1, 2027. The newly consolidated entity will be renamed TOTO AQUA MARKETING, aiming to respond to Japan’s “mature-market society” trend and enhance operational agility and productivity. Around the same time, Takara Standard also announced the merger of its subsidiary Takara Chemical; domestically, Lingxiao Pump Industry completed its absorption merger of Huicheng Electromechanical on August 24. Such industry consolidation efforts aim to reduce costs, improve efficiency, and adapt to the broader shift from “expansion-driven growth” to “refined management of existing markets.” 7. Kuka Home (Guojia’s Overseas Self-Branded Entity) Appoints President for Traditional Wholesale Business On October 13, Kuka Home—the overseas self-branded entity of Guojia Furniture—announced the promotion of Steve Wilson to President of its Traditional Wholesale Business, reporting directly to Calvin Wang, CEO of Guojia North America. Wilson joined the company in 2024 and will now oversee strategic direction for both traditional wholesale (OEM) and trend-focused business lines. This appointment forms part of an organizational restructuring underway over the past year; the company plans to expand its North American team, focusing on regional market demands, product innovation, and global manufacturing capabilities to better support retail partners. 8. BASF Advances Evonik Acquisition Talks with Employment Guarantees On October 12, BASF proposed incorporating employment protection clauses into any potential acquisition agreement with Evonik, pledging no compulsory layoffs of German employees until 2032 due to the acquisition. Previously, its initial bid of approximately €10.3 billion was rejected by Evonik on grounds of undervaluation; if formal negotiations proceed, the offer price may be increased. Ultimately, whether the deal moves forward hinges on the stance of Evonik’s major shareholder—the RAG Foundation—as well as expectations from German trade unions and local governments concerning employment security and production site preservation. 9. Malaysia Plans New E-Commerce Law—Platforms Like Temu and Shopee May Face Stricter Regulation On October 9, Malaysian Prime Minister Anwar Ibrahim announced in Parliament, as part of the 2027 Budget Statement, that the government intends to submit the “E-Commerce Bill” to the next parliamentary session. The bill aims to strengthen accountability for e-commerce platforms and online sellers, protect domestic SMEs, and safeguard consumer safety. The draft legislation has been under preparation for two years, designed to address emerging business models such as cross-border direct shipping and live-stream commerce. Earlier, Malaysia imposed a 10% sales tax on imported goods valued below RM500. Platforms including Temu, Shopee, and Lazada—as well as cross-border sellers—may face stricter requirements regarding seller verification, product compliance, and platform licensing.

Evonik Board Declines Negotiations with BASF but Willing to Engage

8 hours ago

Evonik Industries declined formal takeover negotiations with BASF regarding an improved €24 per share offer, though it remains open to confidential information exchanges. BASF CEO cited strategic synergies to better compete against growing global rivals.

chemweek

Evonik Board Declines Negotiations with BASF but Willing to Engage

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