Report: BASF weighs takeover of Evonik

Single-source report: according to the Financial Times, citing insiders, BASF has put a takeover proposal to Evonik and its largest shareholder, the RAG Foundation, and is talking to banks about a possible deal. A person familiar with the matter told Reuters that Evonik had not received a takeover offer; BASF, Evonik and the RAG Foundation did not initially comment. The RAG Foundation holds around 43% of Evonik and intends to reduce its stake to 25.1% over time (Reuters via onvista, 25 September 2026, citing the Financial Times). Update (25.09.2026): In an ad hoc release that afternoon, the RAG Foundation confirmed that BASF had approached it about a possible voluntary public takeover offer for Evonik; the foundation holds around 43.8% of Evonik's shares. No formal offer has been made (EQS/finanznachrichten.de, 25.09.2026). Update (28.09.2026): According to Reuters and the Financial Times, Evonik's management rejected BASF's approach – reportedly about €22.15 per share, or roughly €10.3bn – as too low and allowed neither due diligence nor formal talks; the companies have not confirmed the figures. BASF is reported to be sticking to its plans (reports; Industriemagazin, 02.10.2026; Kapitalmarktexperten, 29.09.2026). Update (9 Oct 2026): The board of trustees of RAG-Stiftung was briefed online on BASF's interest; the content and outcome are confidential. According to Evonik, no talks are currently taking place (dpa-AFX / BÖRSE ONLINE, 9 Oct 2026). Update (23 Oct 2026): According to Bloomberg, cited by Börsen-Zeitung, BASF has put an increased indicative price of €24 per share to Evonik (about €11.2bn in total, a premium of almost 39% on the pre-leak price); Evonik and BASF decline to comment, and Evonik has set up a parity-staffed special committee of its supervisory board. Reported only, no formal offer (Börsen-Zeitung, 23 Oct 2026). Update (27 October 2026): According to a Reuters report, BASF has raised its offer to about €11.2bn; there is no official confirmation (MS Aktuell, 27 October 2026).