BASF or a merger/acquisition of Evonik!!

【Answer 1】 According to 【Polymer Circularity and 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 simultaneously noted that constraints—including financial pressures and ongoing business divestiture processes—make the near-term closing of such a transaction unlikely. The report states that five insiders disclosed details of these discussions to the media. It is confirmed 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 been under board-level discussion for many years, with conceptual deliberations stretching back nearly two decades, remaining stuck at the ideation stage. Several insiders candidly admitted that this deal, publicly labeled a “merger,” is in essence a BASF acquisition of Evonik. Financial strain and ongoing business divestiture plans constitute the core constraints impeding short-term progress. Insiders indicated that BASF currently faces tight liquidity and will not launch major acquisitions 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 circularity and recycling (including plastics, fibers, rubber, and resin-based composites) is a critical initiative globally for achieving 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 institutes, and industry to exchange insights on advanced recycling technologies, design of recyclable materials, and real-world 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 Circularity and Recycling Materials & Equipment Technologies; and the Exhibition of Innovative Achievements in Polymer Circularity and 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)

Evonik launches a new chemical recycling solution! Yet plant closures continue unfolding—can chemical recycling still move forward?

【Answer 2】 In recent years, chemical recycling—also known as advanced recycling—has become the most contentious topic in global efforts to tackle plastic pollution. Supporters hail it as a pivotal technological breakthrough toward a circular plastic economy, while critics denounce it as little more than a ‘green smokescreen’ enabling petrochemical industries to sustain and expand production. Recently, Evonik launched an integrated pyrolysis oil upgrading solution, particularly featuring its Purocel™ 505 adsorbent, which triples chloride removal capacity compared to conventional solutions—enabling waste plastics to re-enter the value chain and advancing plastic chemical recycling. Meanwhile, on June 11, Freeport Eco-Systems’ pyrolysis plant in Hebron, Ohio, USA, announced full shutdown. As one of only seven operational plastic pyrolysis plants remaining in the U.S., the facility was designed for an annual processing capacity of 81,600 tons and had secured offtake agreements with Shell and Dow. Yet it ceased operations less than two years after commissioning. Image source: Evonik The simultaneous emergence of novel solutions and demonstration-plant closures—coupled with the wave of chemical recycling plant shutdowns worldwide over the past two years—raises a fundamental question: Does chemical recycling still hold promise? Today, we systematically examine this issue. Shutdowns since 2025: Commercial bubbles are being deflated. Looking back from mid-2026, the challenge for chemical recycling lies not in “whether plastics can be cracked,” but rather in the failure to close the systemic loop from pilot-scale to commercial deployment—characterized by feedstock variability, uncontrolled impurities, high upgrading costs, insufficient downstream offtake, and oil-price suppression—all converging to push leading projects off the table. 1) APPI — 500,000-ton pyrolysis project at Ostend Port, Belgium: canceled in January 2025. Ostend Port CEO Dick de Clerk publicly stated: “Cheap virgin plastic imports from China have undermined the commercial case for chemical recycling.” 2) NOVA Chemicals — Chemical recycling plant in Sarnia, Ontario, Canada: feasibility study completed; official suspension announced in April 2025. Greg DeKunder, VP of Circular Solutions at NOVA, put it bluntly: “Scale is large, costs are high”; unstable feedstock supply and insufficient offtake agreements further exacerbate risks. 3) Brightmark — Pyrolysis plant in Indiana, USA: shut down in March 2025. Designed for ~90,000 tons/year, court documents revealed it operated at only ~5% of capacity; monthly operating costs ranged between USD 3.5–4 million, with total debt reaching USD 178 million. 4) Pryme — Pryme One (pyrolysis) in Rotterdam, Netherlands: Phase I is operational but yields are extremely low; Phase II is shelved. Phase I was designed for 40,000 tons/year, yet produced only 340 tons of pyrolysis oil in 2024 (<1% capacity utilization), incurring losses exceeding EUR 12 million. Phase II—originally slated for completion by end-2026—has been postponed. Though Fraunhofer’s map includes such facilities in its “operational capacity” statistics, “operational” does not equate to “economically viable.” 5) Neste — Termination of the Vlissingen, Netherlands project (Alterra process, 55,000 tons): August 2025. Neste’s spokesperson stated verbatim: “After evaluation, the project failed to meet final investment decision criteria—the core issues being insufficient economic viability and stability at scale.” 6) Dow × Mura — 120,000-ton chemical recycling plant in Böhlen, Germany: canceled (August 2025).

Evonik Rejects BASF Takeover Offer as Too Low, Sources Say

Sep 28, 2026

Evonik rejected a takeover offer from BASF valued at roughly €22.15 per share, sources say, calling the price too low. BASF had proposed the acquisition earlier in the week.

reuters

2026-06-29

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Evonik Rejects BASF Takeover Offer as Too Low, Sources Say

Evonik Rejects BASF Takeover Offer as Too Low, Sources Say

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