Overview
- BASF raised its public takeover bid to €24 per Evonik share on Thursday, valuing the Essen-based group at roughly €11 billion.
- Evonik’s interim CEO Claus Rettig and CFO Michael Rauch have formally refused to enter takeover negotiations while saying the company remains independent and open only to a confidential informational exchange.
- Evonik reported stronger third-quarter operations with revenue up 13% to €3.8 billion and an adjusted operating result of €629 million, while still posting a net loss of €53 million.
- Analysts warn a merger would create a chemical group with about €74 billion in annual sales, a shift that could narrow choices for mid-sized industrial customers and prompt detailed antitrust review focused on specific product markets.
- The bid unfolds against long-running pressures on Germany’s chemical sector, including high energy costs and weak demand, and observers say the next steps to watch are formal takeover filings, regulator responses, and any counterproposals or strategic moves by Evonik.