BASF or a merger/acquisition of Evonik!!

【Answer 1】 According to 【Polymer Circular Recycling】, on September 22, European media cited reports from M&A information providers Mergermarket and Dealreporter indicating 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 noted that, constrained by factors including financial capacity and ongoing business divestiture processes, the transaction is unlikely to materialize in the near term. The report states that five insiders disclosed details of the negotiation progress to the media. It confirms that both companies have initiated related discussions, and 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 has been under discussion for nearly two decades, remaining largely at the conceptual stage. 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 advancement of the 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 no earlier than mid-2027. Polymer circular recycling—encompassing plastics, fibers, rubber, and resin-based composites—is a critical initiative globally supporting carbon neutrality and green transformation, and an inevitable trend for 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 institutions, and industry to exchange insights on cutting-edge 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 Innovative Achievements in Polymer Circular Recycling—further promoting knowledge sharing, cooperation, industrial synergy, and market alignment within the resource-circularity sector. Experts and enterprises across the value chain are warmly invited to participate, exchange insights, and explore collaboration! 01 Organizational Structure Conference Name 2026 (4th) Polymer Circularity and Recycling Conference Polymer Circularity and Recycling Conference (PCRC 2026)

China Zhongzhi Weiyie Information | BASF acquisition stalled! Evonik rejects BASF’s initial acquisition offer.

【Answer 2】 On September 28, chemical industry publication Chemical Week (CW), citing the Financial Times (FT), reported that insiders revealed BASF SE had submitted an acquisition offer to Evonik Industries AG valued at €10.3 billion—or €22.15 per share—but that Evonik had rejected the proposal, bringing this exploratory merger between Germany’s two chemical giants to a halt. This offer implied an enterprise value for Evonik of approximately €14.2 billion. Negotiation Timeline: From Exploratory Talks to Termination As early as September 25, BASF and Evonik jointly confirmed they had engaged in exploratory negotiations regarding a potential merger. Evonik explicitly stated it had ceased all negotiations with BASF, formally closing the door on this merger dialogue. Prior to the announcement of the acquisition bid, Evonik closed at €18.07 per share on September 24. BASF’s offer of €22.15 per share represented a premium of approximately 22% over the pre-announcement market price. Fueled by merger speculation, Evonik’s share price continued rising after the news broke, closing at €19.84 on September 28. In contrast, market concerns over the financial strain posed by a large-scale acquisition led to a modest pullback in BASF’s share price following confirmation of the talks: it closed at €52.30 on September 24 and at €50.28 on September 28. Valuation and Industry Benchmarking According to S&P Capital IQ data, Evonik’s estimated EBITDA for 2025 stands at approximately €1.71 billion. Based on this figure, BASF’s non-binding offer implies an EV/EBITDA multiple of roughly 6x for Evonik’s 2025 EBITDA.

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