Evonik's Ashland Option Predates BASF's Courtship — and That Changes the Calculus
Published on 10/25/2026 at 06:20 | Editorial boerse-global.de
Evonik's interest in a major US acquisition was on the table well before BASF came calling. That single detail, buried in German press reports this week, reframes a takeover saga that has so far been read almost entirely through the lens of price.
The specialty chemicals maker has for some time been weighing larger stateside purchases, with Ashland identified by Handelsblatt as a possible target. Reuters reported on Thursday that Evonik is examining a deal and ranks among several potential suitors, valuing Ashland at roughly $3.3 billion. Crucially, the review predates BASF's approach — it is not a defensive maneuver, and it does not represent an agreed transaction.
Two tracks, not one
For shareholders, that means two distinct strategic stories are unfolding at once. One is Evonik's own expansion thinking; the other is the terms on which BASF might take control. Neither report confirms a completed deal on either front.
BASF, for its part, considers the Ashland idea too risky, according to Reuters. The two companies' visions for Evonik's future, in other words, diverge well beyond the question of what the business is worth. A combination with Ashland could nonetheless complement Evonik's product lines in coating and formulation additives.
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The bid moves up
The financial framework shifted on Friday, when BASF raised its all-cash offer to EUR 24 per share — a total of roughly EUR 11.2 billion, per Reuters and Handelsblatt. That follows Evonik's rejection of an earlier EUR 10.3 billion approach in September, which the company publicly branded too low.
The sweetened bid speaks directly to that objection. It does not, however, amount to acceptance. Evonik and the RAG-Stiftung declined to comment, and silence is neither a yes nor a no.
Labor pledges and a state's demands
Alongside the price, BASF has moved to address concerns about jobs and sites. The Ludwigshafen group said on Thursday it would honor existing employment agreements in the event of a takeover, with CEO Markus Kamieth stating that compulsory redundancies are ruled out through 2032. North Rhine-Westphalia, meanwhile, is pressing for guarantees that neither Evonik's workforce nor its independence is put at risk — two separate asks that a jobs commitment alone does not settle.
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No understanding on that broader question has been confirmed. Nor does BASF's pledge equate to an accepted offer.
What to watch
Evonik's next confirmed disclosure is its third-quarter 2026 statement, due on November 3. Until then, investors are left to separate takeover speculation from confirmed corporate action. Friday's 3.4% gain in the share price tracked the higher BASF bid; the US acquisition review points to a separate path that has yet to be reduced to a signed contract.
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