The German state of North Rhine-Westphalia publicly addressed BASF's potential takeover of Evonik on October 5, saying that jobs at the specialty chemicals group and its independent development must not be called into question. The statement represents a significant political intervention following BASF's confirmation that it is exploring an acquisition with Evonik and its largest shareholder, RAG-Stiftung, and shifts the discussion beyond valuation toward employment, regional industrial policy and corporate control.
North Rhine-Westphalia has a particularly strong interest in Evonik's future. The company is headquartered in Essen and has deep industrial and employment ties across the Ruhr region. A state government spokesperson described Evonik as an essential part of the regional industrial base and as a company firmly rooted in North Rhine-Westphalia through its broader social commitments.
The state's influence extends beyond political commentary. Premier Hendrik Wüst sits on a key governing body of RAG-Stiftung, which owns approximately 43.8% of Evonik and is its largest shareholder. Any disposal of the foundation's stake would require the relevant board approval, giving RAG's governance structure a potentially decisive role in whether a transaction can proceed.
BASF officially confirmed on September 25 that it was holding exploratory discussions with RAG-Stiftung and Evonik regarding a possible takeover. Subsequent reports indicated that BASF had proposed a transaction valuing Evonik at approximately EUR 10.3 billion, or around EUR 22.15 per share, but Evonik rejected the approach as too low and did not immediately move into formal due diligence.
RAG-Stiftung separately confirmed that BASF had approached it regarding a potential voluntary public takeover offer for Evonik. The foundation has since signaled that it could consider selling its entire position under the right conditions, meaning its 43.8% holding is not necessarily an absolute barrier to a transaction.
The discussions come as Evonik itself is implementing a major restructuring program. The company recently announced plans to eliminate 3,200 positions globally, including around 2,150 in Germany, while continuing divestments including its C4 Chemicals business. Employment concerns are therefore already politically sensitive before any potential BASF integration is considered.
As of October 6, BASF had not announced a revised offer or launched a formal public takeover bid. The discussions with Evonik and RAG-Stiftung remain exploratory.
