BASF makes takeover approach for Evonik, FT reports
Neither company has confirmed the reported talks, and a deal appears unlikely in the near term
Published · Updated
UpdateFriday, September 25, 2026 at 11:35 AM ET
BASF has now confirmed the talks that were previously unconfirmed by either company.
BASF has confirmed it is in preliminary discussions to acquire Evonik. The company said the outcome of the talks remains open.
BASF has approached Evonik about a takeover, the Financial Times reported. Neither company has confirmed the report. A BASF spokesperson said the company does not comment on market rumours or speculation, and Evonik also declined to comment, according to DER AKTIONÄR.
People close to the matter told Mergermarket, via ChemNet, that the odds of a deal closing soon are low, citing capital constraints and the complexity of the spin-off process. BASF is not expected to pursue a major acquisition before it completes the initial public offering of its agricultural solutions business, targeted for mid-2027. A separate source described BASF as cash constrained until that listing is done, Dealreporter reported via TradingView. JPMorgan analyst Chetan Udeshi called a BASF-Evonik combination unlikely, arguing BASF has better alternatives; JPMorgan rates Evonik Underweight, according to ad-hoc-news.de.
Evonik's largest shareholder, the RAG-Stiftung foundation, holds about 43% of the company and has said it plans to bring that stake down to a long-term target of 25.1%, DER AKTIONÄR reported. Evonik shares gained about 3.71% heading into the open on September 24 on speculation about the talks, ad-hoc-news.de reported. Two days earlier, Evonik had announced the next phase of a restructuring plan for 2027 to 2029 that includes divesting its Oxeno and Syneqt units, which together employ about 4,300 people; separate reporting on the plan cited 3,200 job cuts, according to ms-aktuell.de.
The approach fits a broader wave of takeover activity across sectors, though consolidation in chemicals faces near-term headwinds from weak demand and margin pressure in Europe. With no visibility on price or terms, and with BASF widely seen as focused on completing its agricultural unit's listing first, the move reads as exploratory rather than transformative, leaving near-term sentiment for either stock largely unchanged.