Evonik's Takeover Chessboard: RAG Foundation Stays Silent as Political and Labor Resistance Hardens
Published on 10/12/2026 at 15:10 | Editorial boerse-global.de
Evonik finds itself at the center of a widening tug-of-war over its future, with the RAG Foundation's board of trustees declining to make any decision on selling its stake during a Friday meeting, according to dpa. The foundation, which serves as anchor shareholder and holds a de facto veto over any change of control, left the critical hurdle for a potential transaction firmly in place — at least for now.
The non-decision came as BASF, Evonik's Ludwigshafen-based rival, weighs an improved offer should direct negotiations ever materialize, Reuters reported, citing market circles. Evonik pushed back on Friday, reiterating that no negotiation process exists and that no new bid has been confirmed. The specialty chemicals maker has responded coolly to the overtures coming from outside.
A Bid Rejected, a Price Tag Left on the Table
The unrest traces back to a BASF takeover offer that, according to dpa, stood at EUR 22.15 per share — a total volume exceeding EUR 10.3 billion. The RAG Foundation turned that bid down. Whether BASF returns with sweeter terms depends entirely on whether the two companies ever sit down at the same table, and so far, they have not.
The stock has been pricing in plenty of takeover fantasy regardless. Evonik shares slipped 1.9% on the day to EUR 21.02, yet remain up a striking 57% year-to-date. In pre-market trading, the equity changed hands at EUR 21.36, just 1.2% shy of its 52-week high of EUR 21.62 — a level that leaves little cushion for disappointment.
Should investors sell immediately? Or is it worth buying Evonik?
Düsseldorf Draws a Line
Opposition to any loss of control is coalescing in North Rhine-Westphalia, where Evonik is headquartered. The state government made clear that Evonik's jobs and the company's independent development must not be called into question by a potential takeover. The SPD parliamentary group in the Düsseldorf state legislature went further, filing a motion calling for a state stake in Evonik to permanently safeguard its corporate independence. Media reports indicated the proposal would see the state join forces with the RAG Foundation to secure a majority in the Essen-based group.
Labor is mounting its own push. The IGBCE chemical workers' union urged calm on Thursday while demanding early, binding commitments on sites and workforce should the considerations gain traction. Fears of restructuring and duplicated structures have long shadowed takeover discussions in the chemicals industry, and those anxieties are now front and center.
Berenberg Shifts Its Stance
The heightened interest has reshaped analyst assessments too. Berenberg upgraded Evonik from "Sell" to "Hold" on October 2, with analyst Sebastian Bray citing BASF's takeover interest as the driver. He raised the price target from EUR 15.50 to EUR 20.00 — a level the stock has already surpassed.
Evonik at a turning point? This analysis reveals what investors need to know now.
Pharma Wins Buried Under Deal Noise
Away from the takeover drama, Evonik is pressing ahead with its operational overhaul. At the CPHI trade fair in Milan, the company received the CPHI Pharma Award 2026 in the "Digital Transformation" category for its technology-supported development laboratories. It also unveiled a newly developed biodegradable polymer platform for pharmaceutical carrier systems.
Whether that operational progress can keep pace with the market's deal-driven enthusiasm will be tested soon: Evonik publishes its quarterly statement for the third quarter of 2026 on November 3, 2026. Until official talks begin between the two chemical giants, the next move rests largely on signals from the major shareholders and BASF's leadership.
Ad
Evonik Stock: New Analysis - 12 October
Fresh Evonik information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
