BASF defends Evonik combination case. Evonik stock sits 3.02 percent below its 52-week high

Published on 10/29/2026 at 10:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

BASF says a deal must create value and protects jobs through 2032. Evonik stock costs EUR 21.18 on October 29, 2026, 0.38 percent below Xetra.

Conditions shape combination debate

BASF published its potential combination conditions on October 22, 2026.
Existing site agreements would exclude compulsory redundancies until 2032.
Evonik stock trades at EUR 21.18 at 10:05 a.m. CEST at Lang & Schwarz on October 29, 2026, 0.38 percent below the Xetra close of October 28, 2026.
RAG-Stiftung holds approximately 43 percent of Evonik's equity.

Evonik, DE000EVNK013, Illustration mit AI erstellt.

Evonik Industries AG (ISIN DE000EVNK013) is at the center of a more defined BASF combination case after BASF outlined job, site and valuation conditions on October 22, 2026. BASF says any transaction must create value for its shareholders, while existing Evonik site agreements would remain in place through 2032, according to BASF.

Job guarantees add detail

BASF's statement says compulsory redundancies would remain excluded until 2032 if a combination proceeds. It also says collective bargaining agreements and the social partnership would remain untouched, giving the potential transaction a concrete employment framework rather than only a strategic rationale.

The same statement identifies Essen and North Rhine-Westphalia as continuing locations for leadership, operations and research. BASF also says it could continue operating chemical parks in Marl and Wesseling, while Evonik currently plans to sell Syneqt, a business affecting approximately 3,500 jobs in North Rhine-Westphalia.

What does the valuation depend on?

The transaction remains conditional. BASF says acquisitions are a possible tool rather than a necessity and that it will not overpay. That position matters because the reported earlier approach of EUR 22.15 per share was already described as too low in the own October 21 analysis, which also noted that a higher offer was not confirmed.

RAG-Stiftung remains an important shareholder in the discussion, with approximately 43 percent of Evonik's equity. A formal offer, its terms and shareholder or regulatory conditions would still be required before any transaction could move beyond exploratory discussions.

Next earnings test

Evonik's third-quarter 2026 report is scheduled for November 3, 2026, according to the company's investor-relations calendar. That report will provide the next operating benchmark for a stock whose takeover value remains separate from the company's reported earnings and business performance.

Evonik stock was trading at EUR 21.18 at Lang & Schwarz on October 29, 2026 at 10:05 a.m. CEST, 0.38 percent below the Xetra close of October 28, 2026 at EUR 21.26. The further course of trading is shown by the continuously updated real-time quote of Evonik stock.