BASF Confirms Talks Over Possible Evonik Takeover

BASF is exploring a potential takeover of specialty chemicals group Evonik and has confirmed preliminary discussions with the company and its largest shareholder, the RAG Foundation.

“The course and outcome of the exploratory talks are currently open,” the Ludwigshafen-based chemicals group said on Friday.

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The confirmation follows reports by the Financial Times and Bloomberg that BASF has been considering a possible transaction for several months and has engaged advisers. Reuters has also reported on contacts between the parties.

The RAG Foundation said BASF had approached it regarding a possible voluntary public takeover offer for Evonik. The foundation holds around 43.8% of Evonik’s shares, making it the Essen-based company’s largest shareholder.

Evonik had earlier said it had received a non-binding approach from BASF concerning a possible offer for all outstanding shares. At the time, Evonik said no talks were taking place, while BASF later referred explicitly to exploratory discussions with both Evonik and the RAG Foundation.

The news prompted sharp share-price moves on Friday. Evonik shares rose more than 9%, while BASF stock fell by around 2%.

A deal would bring together two of Germany’s largest chemical companies. BASF generated sales of around €60 billion in 2025 and employs roughly 95,000 people.

Evonik is currently undergoing a broad restructuring. Under its “Evonik Tailor Made” programme, the group plans to cut a further 3,200 jobs worldwide, including around 2,150 in Germany, as it seeks to lower costs and free up funds for investment.

It remains unclear whether BASF will submit a formal offer or at what valuation a deal could be agreed. The process remains at an early and non-binding stage.

More information: basf.com, www.evonik.com, www.rag-stiftung.de

Reference: BASF SE, RAG-Stiftung, Evonik Industries AG, Reuters, Financial Times, Bloomberg

BASF SE, Ludwigshafen, Germany