Evonik's Board Pushes Independence as Lawmakers Float a State-Backed Anchor
Published on 10/10/2026 at 04:02 | Editorial boerse-global.de
Evonik's leadership is refusing to let a rebuffed takeover approach dictate the terms of its future. After turning down an initial offer from BASF as inadequate, the specialty chemicals maker's executive board is now campaigning hard for the company to stay independent — and it has found an unexpected ally in North Rhine-Westphalia's state politics.
On Wednesday, the SPD parliamentary group in the Düsseldorf state legislature tabled a motion calling on the state government to head off a BASF takeover of Evonik. Under the proposal, even a state entry into the company's shareholder base should not be ruled out. For Evonik's board, that political cover arrives at a convenient moment, as it tries to steer the Essen-based group through a difficult stretch for the industry without surrendering control.
The SPD's idea goes further than a simple veto. The parliamentary group suggested the state examine taking a stake in Evonik, joining forces with the RAG Foundation to secure a controlling majority. The foundation is Evonik's largest shareholder and occupies a pivotal position in any strategic decision about the company's ownership.
A Bid That May Not Be Final
Pressure from Ludwigshafen shows no sign of easing. Two people familiar with the matter told Reuters that BASF's current offer should not be treated as final. Should formal talks between the two chemical groups get underway, the Dax-listed suitor could sweeten its bid, according to those sources. BASF declined to comment on the reports.
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Evonik's own stance remains guarded. The company made clear on Wednesday that no talks with BASF are currently taking place — a signal that the two sides have yet to move from speculation into negotiation.
Speculation about a bidding contest or a higher takeover price is coloring how market watchers size up the stock. On Monday, Berenberg analyst Sebastian Bray upgraded Evonik from "Sell" to "Hold" and lifted his price target from EUR 15.50 to EUR 20. The brokerage pointed squarely at BASF's interest in the company as the reason for the reassessment, arguing that the bid interest should provide the share price with a dependable floor.
Shares Press Up Against Their Peak
Investors have been acting on that logic. Evonik's stock climbed 1.9% on Wednesday to EUR 21.46. By Friday's close, the shares stood at EUR 21.42 — barely below the 52-week high of EUR 21.62 that the stock had touched earlier the same day.
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Away from the ownership question, Evonik is pressing ahead with its specialty chemicals operations. On Monday the group unveiled biodegradable excipients for oral drug delivery, with selected partners receiving initial laboratory quantities for joint development projects. A day later, at the CPHI trade fair in Milan, the company picked up an industry award for automated laboratory systems in the digital transformation category.
Hard financial figures will follow next month. Evonik is scheduled to publish its third-quarter 2026 results on November 3. Until then, the mix of takeover speculation and political headwinds is likely to set the tempo on the trading floor.
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