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BASF SE has confirmed exploratory talks with RAG-Stiftung and Evonik Industries AG regarding a potential takeover of Evonik, according to a BASF statement on Sept. 25 that was issued in response to media reports published earlier this week. The course and outcome of these exploratory talks remain open at this stage, the company said.
RAG-Stiftung is Evonik’s largest shareholder with a 44% stake in the company, according to Evonik’s website.
Evonik, in a statement, said that “currently there are no talks taking place” with BASF.
It did however, confirm “that it has received a non-binding approach from BASF SE regarding a voluntary general takeover offer to all shares of the company.” Evonik “does not intend to comment further on this matter beyond its legal obligations,” the company added.
BASF said it “continuously evaluates the strategic option of acquisitions that enhance its core businesses, deliver a strong strategic fit, drive profitable development and create value.” The company will inform the market in accordance with regulatory standards without delay, if and to the extent required, it added.
RAG-Stiftung is a German foundation established to manage the prolonged obligations arising from the end of hard coal mining while supporting ecological, social and cultural initiatives, according to the foundation’s website.
Evonik on Sept. 22 said it will rethink its business unit operations and its major sites in Germany as part of a broader transformation effort. The company plans to cut 3,200 jobs between 2027 and 2029.
An Aug. 4 analysis by S&P Global ratings said that Evonik’s “solid second-quarter 2026 results further support financing structural cost-cutting measures that it will undertake in 2027-2029.” The company is “well positioned to face Middle East conflict-related risks as well as persistently weak operating context in the global chemical sector” due to localized production operations and “a balanced product portfolio,” Ratings added.
BASF, meanwhile, has been “shifting its strategic focus to greater specialty- and solution-based chemicals with higher-margin possible through acquisitions, disposals, and organic development,” said a Ratings report on the company in July.
BASF completed the €7.7 billion sale of its coatings business to private equity firm Carlyle Group LLC (Washington, DC) on July 1. It retains a 40% stake in the business, which is now called Surventis.
Additional reporting by Vincent Valk.
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