Evonik rejects €10.3B bid from BASF – FT

Sep 28, 2026, 10:11 AM ETEvonik Industries AG (EVKIY) Stock, EVKIF Stock, BASFY Stock, BFFAF StockBy: Joshua Fineman, SA News Editor

Evonik (EVKIY) (EVKIF) turned down a €10.3 billion from larger German rival BASF (BASFY) (BFFAF).

BASF (BASFY) rejected an offer of about €22.15 per share as an initial approach, according to a Financial Times report on Monday, which cited people familiar with the matter. Evonik (EVKIY) said the offer was too low to allow for formal talks or to allow BASF to conduct due diligence.

Evonik and RAG-Stiftung declined to comment to the FT.

Evonik rose 7.2% in German trading on Friday after the FT reported that BASF had approached its rival about a takeover. BASF (BASFY) recently made a proposal to Evonik (EKVIY) and its largest holders, the RAG-Stiftung foundation.

Evonik (EVKIF) confirmed in a statement on Friday that it received a non-binding approach from BASF (BASFY) on a takeover offer for all of Evonik’s shares. No talks are currently taking place. BASF said in a separate statement that it has had exploratory talks with RAG-Stiftung and Evonik about a potential takeover. The “course and outcome” of the talks “remain open” at this stage.

The FT reports come after Dealreporter last Monday first reported that BASF (BASFY) explored a potential deal with Evonik (EVKIF) this year.

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