Evonik Industries Rebuffs BASF's Takeover Approach

By Michael Hennessey

Chemicals producer Evonik Industries said it won't enter takeover negotiations with rival BASF, a blow to the German chemical giant's attempts to bolster its position in the sector.

Evonik said Friday that it had reviewed a letter from BASF, sent last week, which expressed an interest in making a voluntary public takeover offer for the company.

The company said it had decided not to enter negotiations with BASF. "The executive board remains focused on its strategic direction and further development of Evonik as an independent company," Evonik said.

Evonik said it is willing to take part in a "purely informational and confidential" exchange with BASF. This will allow Evonik to explain its position and give BASF the opportunity to outline its rationale and reasons for its interest, the company said.

BASF didn't immediately respond to a request for comment.

Last month, BASF said it had entered exploratory takeover talks with Evonik and its largest shareholder, a foundation called RAG-Stiftung.

Neither company publicly disclosed how much BASF offered. Evonik's market capitalization stands at 9.80 billion euros ($10.96 billion), according to LSEG data. BASF has a market cap of 47.60 billion euros.

Write to Michael Hennessey at michael.hennessey@wsj.com

(END) Dow Jones Newswires

October 30, 2026 04:35 ET (08:35 GMT)