BASF and Evonik Chiefs Meet Directly as €24-a-Share Bid Hangs in the Balance
Published on 11/09/2026 at 14:21 | Editorial boerse-global.de
BASF's pursuit of Evonik moved from the boardroom to the negotiating table over the weekend, with the chief executives and finance chiefs of both companies sitting down together on Saturday. Reuters reported the meeting, citing two people familiar with the matter. No details of what was discussed emerged, and Evonik declined to comment.
The face-to-face contact builds on an opening Evonik left ajar roughly two weeks ago, when it rejected BASF's improved takeover offer while keeping the door open to further talks and asking for a fuller rationale. For BASF, the direct exchange represents another shot at finding common ground on valuation and terms.
Price Remains the Sticking Point
The improved bid values Evonik at €11.18 billion, or €24 per share. That figure follows Evonik's rejection in September of an initial offer of €22.15 per share, meaning BASF has already raised its price over the course of the campaign. Whether the two sides can converge on economically sound conditions is now the question that matters most for BASF shareholders.
The seniority of Saturday's participants — CEOs and CFOs rather than deal teams — underscores how much weight both companies attach to the transaction. What happens next hinges on whether BASF can make a convincing case for its valuation and whether the two sides can settle on a shared framework.
Should investors sell immediately? Or is it worth buying BASF?
Kamieth's Value Test
BASF has been explicit that any deal must clear a value hurdle for its own investors. Reuters reported on 28 October that the company does not want to buy Evonik at any price, with CEO Markus Kamieth stating that a transaction would only be pursued if it creates value for shareholders. An agreement would therefore need the expected benefits to justify the purchase price and the burdens that come with it; a further increase would raise the bar on those expected returns.
A Bruising Week for the Stock
The talks are unfolding against a difficult market backdrop. BASF shares fell 2.9% on Friday, making the group one of the weakest performers among European chemicals stocks during a global selloff driven by worries over AI growth. According to dpa-AFX, the slump in the AI and semiconductor sector, together with fears of tighter AI regulation, weighed on the German equity market — a broad pressure that the report did not pin on BASF specifically.
Automotive Plaudits and a Raised Outlook
Company news has been brighter elsewhere. On Thursday, BASF, Stellantis and L&L Products jointly received an SPE Automotive Innovation Award for a composite tunnel reinforcement developed for the 2027 model-year Jeep Grand Cherokee. A day earlier, BASF, Toyota and Vuteq took the SPE Automotive Innovation Grand Award for the injection-molded thermoplastic truck bed of the 2026 model-year Toyota Tacoma. Both honors recognize specific components from joint projects with automotive partners.
BASF at a turning point? This analysis reveals what investors need to know now.
On the numbers front, BASF raised its earnings guidance about two weeks ago and now expects EBITDA before special items of €7.4 billion to €7.8 billion for 2026. Third-quarter 2026 sales came in at €16.4 billion, up 14% year on year.
For BASF investors, the yardstick remains the economic quality of any eventual deal. Progress in talks would be welcome if it brings an agreement closer at a price the buyer can live with; another hike, by contrast, would demand more from the benefits the combination is expected to deliver.
Ad
BASF Stock: New Analysis - 9 November
Fresh BASF information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
