Evonik is preparing to reject BASF's improved €11bn takeover offer of €24 per share, deeming it too low and undervaluing the specialty chemicals firm. The Essen‑based company may still consider future talks if BASF raises its bid and clarifies strategic benefits. BASF CEO Markus Kamieth pledged to honor Evonik's job guarantees through 2032 and argued a merger would strengthen both against Asian and Middle Eastern rivals, but warned his Ludwigshafen group would not pursue a deal "at any price." The latest offer represents a nearly 40% premium over Evonik's pre‑interest share price, while the original €22.15 per share bid was turned down in September.
Evonik prefers its standalone strategy, including potential acquisitions such as a bid for US peer Ashland, alongside announced job cuts and plant closures. Any deal hinges on support from Evonik's largest shareholder, the RAG‑Stiftung foundation, whose board includes North Rhine‑Westphalia premier Hendrik Wüst, who faces a state election in April, adding political complexity. Stakeholders must weigh a combined €74bn revenue champion against merger risks and possible cost cuts.
Source: Financial Times Companies · Summarized by HeadlinesBriefing