BASF Submits Unsolicited Takeover Proposal to Evonik
- BASF SE has submitted an unsolicited takeover proposal to rival German specialty chemicals group Evonik Industries AG, sparking a 7.9% surge in Evonik shares on Friday, September 26,...
- Evonik shares surged 7.9% on Friday, September 26, 2026, to close at EUR 19.44 on the Frankfurt exchange, touching a fresh 52-week high of EUR 20.00 during the...
- Any transaction of this magnitude hinges entirely on the RAG-Stiftung foundation, which owns approximately 43.8% to 44% of Evonik's outstanding shares and acts as the company's largest controlling...
BASF SE has submitted an unsolicited takeover proposal to rival German specialty chemicals group Evonik Industries AG, sparking a 7.9% surge in Evonik shares on Friday, September 26, 2026. According to reporting from the Financial Times and Reuters, the Ludwigshafen-based chemical giant approached both Evonik management and its primary shareholder, the RAG-Stiftung foundation, to present the potential combination. The approach marks an ambitious push by the world’s largest chemicals group to consolidate a struggling European sector, though market sources indicate that no concrete or formal offer has yet been tabled and no negotiations are currently underway.
Market Reaction and Share Price Surge
Evonik shares surged 7.9% on Friday, September 26, 2026, to close at EUR 19.44 on the Frankfurt exchange, touching a fresh 52-week high of EUR 20.00 during the session following the initial Reuters report. Meanwhile, BASF equity slipped nearly 2% as investors weighed the financial and operational scope of the proposition. Evonik carries a market capitalization of roughly EUR 8.45 billion, with an enterprise value of approximately EUR 12 billion including net debt. By comparison, BASF commands a market valuation of about EUR 47 billion, making the proposed tie-up a substantial financial undertaking even for the global industry leader.
The Central Role of RAG-Stiftung
Any transaction of this magnitude hinges entirely on the RAG-Stiftung foundation, which owns approximately 43.8% to 44% of Evonik’s outstanding shares and acts as the company’s largest controlling shareholder. The foundation confirmed it was contacted by BASF regarding a potential voluntary public takeover offer for all shares. Media reports indicate that discussions over the major shareholder’s role are already in play, but industry analysts note that without the backing of the foundation, a transaction on this scale would have little prospect of success. Handelsblatt reported that no binding terms have been formally agreed upon.
Industrial Logic and Sector Consolidation
A combined entity would create a European industrial heavyweight with joint annual revenues of EUR 74 billion, uniting BASF’s global workforce of roughly 95,000 employees with Germany’s second-largest player in the sector. BASF Chief Executive Markus Kamieth has been consulting with investment banks regarding takeover structures as part of broader efforts to streamline operations, reduce overhead, and reposition the group’s portfolio toward higher-margin markets.
Internal Restructuring and Overhaul at Evonik
The takeover approach arrives as both industrial groups manage deep crises and execute extensive cost-cutting programs that will eliminate thousands of jobs. Evonik management unveiled a sharpened three-year growth strategy under the Evonik Tailor Made efficiency program, which will cut 3,200 positions worldwide, with roughly 2,150 reductions occurring in Germany. Evonik CEO Christian Kullmann had publicly predicted industry-wide consolidation as early as the spring. Despite the restructuring pain, Evonik continues to invest in growth areas, breaking ground on September 14, 2026, for an EUR 80 million expansion of its biotechnology operations at the Fermas site in Slovakia. Prior to the takeover news, J.P. Morgan maintained a cautious stance on the MDAX-listed company, reaffirming a Sell rating on Thursday, September 25, 2026.
Upcoming Financial Updates and Investor Catalysts
Investors are closely watching a series of near-term catalysts, including update calls scheduled by Evonik for September 30 and October 1, 2026. Those calls precede the scheduled release of the company’s quarterly financial figures on November 3, 2026, which are expected to provide further clarity on both the independent execution of the Tailor Made restructuring program and the status of any ongoing strategic discussions with BASF.