Evonik has rejected an acquisition proposal from BASF worth approximately EUR 10.3 billion, or USD 11.7 billion, because it considered the offer too low, Reuters and the Financial Times reported on September 28, citing people familiar with the matter. BASF's proposal valued Evonik at around EUR 22.15 per share. BASF had officially confirmed on September 25 that it was holding exploratory discussions with Evonik and its largest shareholder, RAG-Stiftung, over a potential takeover, but the process has not moved into formal negotiations or due diligence.
At the reported per-share price, BASF's proposal valued Evonik's equity at approximately EUR 10.3 billion.
The price represented a premium to Evonik's share price before takeover speculation intensified, but was still considered insufficient by the company, according to the reports.
The Financial Times reported that Evonik did not enter formal negotiations following the approach and has not opened its books for due diligence.
BASF has not publicly confirmed the EUR 10.3 billion figure.
Its September 25 official statement only acknowledged exploratory talks with RAG-Stiftung and Evonik Industries regarding a potential takeover, adding that the course and outcome of those discussions remained open.
BASF also said it applies a disciplined approach when evaluating acquisitions and focuses on transactions that strengthen its core businesses, offer strong strategic fit and create value.
Evonik's ownership structure makes RAG-Stiftung an important party in any potential transaction.
The foundation currently owns approximately 44% of Evonik.
RAG-Stiftung uses income from its investment portfolio to finance long-term obligations linked to Germany's former hard-coal mining industry.
Evonik employs approximately 31,000 people and generated around EUR 14.1 billion in sales in 2025.
The company announced another major restructuring step on September 22, including plans to eliminate 3,200 positions worldwide, around 2,150 of them in Germany, while continuing planned divestments of its C4 Chemicals business Oxeno and infrastructure unit Syneqt.
BASF generated approximately EUR 60 billion in sales in 2025.
Based on those figures, the two companies together would have annual revenue of roughly EUR 74 billion.
Their portfolios overlap in some areas while also covering different parts of the chemical value chain.
BASF's core businesses include Chemicals, Materials, Industrial Solutions and Nutrition & Care, while Evonik is more heavily focused on specialty chemicals, additives, advanced materials and specialty polymers.
Reuters cited a BASF source as saying Evonik's portfolio could complement BASF's existing businesses and strengthen its customer and geographic reach.
BASF is simultaneously reshaping its own portfolio.
The company has appointed investment banks for the planned IPO of Agricultural Solutions and is targeting IPO readiness by mid-2027, while continuing other portfolio adjustments.
As of September 28, BASF had not announced a higher proposal and Evonik had not confirmed the start of formal takeover negotiations.
