BASF or a merger/acquisition of Evonik!!

【Answer 1】【Polymer Circular Recycling】 reports that, on September 22, European media cited information from M&A intelligence platforms Mergermarket and Dealreporter stating that BASF had conducted preliminary discussions this year regarding a potential merger with German specialty chemicals company Evonik. The news drove Evonik’s share price up by as much as 4.8% that day. However, multiple sources simultaneously noted that, constrained by factors including financial capacity and ongoing business divestiture processes, the likelihood of this transaction closing in the near term remains low. The report indicates that five insiders disclosed details of these discussions to the media. It confirms that both companies have initiated related talks; any substantive follow-up actions would proceed exclusively at the executive leadership level. Multiple insiders pointed out that the idea of a BASF–Evonik merger is not new—it has appeared on corporate board agendas for years, and related deliberations have reportedly continued for nearly two decades, remaining largely conceptual. Several insiders candidly acknowledged that this deal, publicly termed a “merger,” is in essence a BASF acquisition of Evonik. Financial pressure and ongoing business divestiture plans constitute the core constraints impeding short-term progress on this transaction. Sources indicated that BASF currently faces tight liquidity and will not launch such a major acquisition before completing the IPO of its Agricultural Solutions business. BASF has recently appointed Citigroup, Deutsche Bank, Goldman Sachs, and JPMorgan Chase as global coordinators for this IPO, with the listing expected to occur as early as mid-2027. Polymer circular recycling—covering plastics, fibers, rubber, and resin-based composites—is a critical global initiative for achieving carbon neutrality and green transformation, and an inevitable trend in industrial development. Building upon the first three editions, the 2026 (4th) Polymer Circularity and Recycling Conference (PCRC 2026) will be held in Ningbo, Zhejiang Province, from December 17–19, 2026. Centered on the theme “Advanced Recycling · High-Value Regeneration · Industrial Collaboration,” the conference focuses on recycling technologies and applications for plastics, fibers, rubber, and resin-based composite materials. It brings together academia, research institutes, and industry to exchange insights on advanced recycling technologies, design of recyclable materials, and practical industrial applications—accelerating technology transfer and upstream-downstream collaboration. The conference will host three concurrent events: the Dynamic Polymers and Recyclable Materials Design Forum; the Exhibition of Polymer Circular Recycling Materials and Equipment Technologies; and the Exhibition of Innovation Achievements in Polymer Circular Recycling—further promoting knowledge sharing, cooperation, industrial synergy, and market alignment in the resource-circularity sector. Experts and enterprises across the value chain are warmly invited to participate, exchange ideas, and explore collaboration! 01 Organizational Structure Conference Name 2026 (4th) Polymer Circularity and Recycling Conference Polymer Circularity and Recycling Conference (PCRC 2026)

BASF is evaluating the acquisition of Evonik

【Answer 2】 BASF Is Evaluating the Acquisition of Evonik (BASF may have considered acquiring Evonik this year) (BASF’s agrochemical business is scheduled for an IPO in mid-2027) (BASF has filed a lawsuit against Apple in the U.S.) Germany’s chemical industry may soon witness a heavyweight merger. Recent German media reports state that BASF—the world’s largest chemical company—is evaluating the possibility of acquiring German specialty chemicals giant Evonik, and has already initiated contact with Evonik and its largest shareholder, the RAG Foundation, regarding a potential transaction. However, this remains at an early evaluation stage and does not imply that a deal has been finalized. Evonik has confirmed that BASF made a “non-binding approach” concerning a voluntary public offer for all shares, but no formal negotiations have commenced between the two parties. BASF, for its part, stated that it does not comment on market rumors or speculation in principle. Potential enterprise value of approximately €12 billion According to German media citing insider sources, BASF has already engaged banks regarding the potential transaction, and related planning may have been underway for several months. Evonik’s current market capitalization stands at approximately €8.4 billion; factoring in net debt, its enterprise value could approach €12 billion. Given that acquisitions typically involve a premium, the final transaction value may exceed this figure. Following the news, capital markets reacted swiftly: Evonik’s share price surged over 9%, peaking at around 11% intraday; BASF’s share price, meanwhile, fell roughly 2%–3%. This market reaction reflects investors’ divergent assessments of potential benefits distribution and financing costs between the two parties. Should the transaction advance to a formal stage, the RAG Foundation will play a decisive role. It currently holds approximately 43% of Evonik’s shares—the largest stake—and is therefore the company’s controlling shareholder. The RAG Foundation’s assets and revenues are linked to Germany’s legacy hard-coal mining liabilities, and it has long sought to reduce its exposure to the chemical industry. It has previously stated its intention to gradually lower its stake in Evonik to 25.1%. This means BASF must not only convince Evonik’s management and other investors, but also coordinate with the RAG Foundation on pricing, transaction structure, and future shareholding arrangements. In a public offer targeting all shares, the largest shareholder’s stance often proves pivotal to whether the deal proceeds. Why is BASF interested in Evonik? From an industrial logic perspective, BASF and Evonik possess complementary business portfolios. BASF operates across base chemicals, materials, coatings, catalysts, and agricultural solutions; Evonik specializes in specialty chemicals, high-performance materials, biotechnology, and related solutions. Industry analysts suggest that acquiring Evonik could help BASF further strengthen its specialty chemicals business, broaden its high-value product portfolio, and improve capacity utilization at certain production sites. Combined annual sales of the two companies would reach approximately €75 billion. Upon completion, the transaction would create an even larger German chemical conglomerate.

Evonik rejects $11.7 billion BASF takeover bid, FT reports

20 hours ago

Evonik rejected BASF's €10.3 billion takeover bid, stating it was too low for formal negotiations or due diligence, per Financial Times reports.

reuters

2026-09-28

Evonik rejects $11.7 billion BASF takeover bid, FT reports

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