BASF has approached Evonik about a potential takeover, both companies confirmed. BASF described the talks as exploratory and said the outcome "remains open." Evonik confirmed the approach but said no talks are currently taking place.
Foundation RAG-Stiftung, which holds around a 43% stake in Evonik, was contacted by BASF regarding the potential acquisition. No financial details were disclosed. Evonik shares rose more than 7% following the disclosure, giving the company a market capitalization of around €8.4 billion.
Evonik is undertaking a restructuring that includes cutting 3,200 jobs over the coming two years and closing its polyester business. A combination with BASF would rank among the largest transactions in the chemical sector in recent years.
