Evonik's Two-Track Strategy: Recycling Expansion in Japan as BASF Circles Back
Published on 10/16/2026 at 19:51 | Editorial boerse-global.de
Evonik finds itself navigating a rare dual narrative this week — one in which a fresh industrial venture in Asia unfolds against the backdrop of a takeover drama that has drawn in politicians, labor leaders, and one of Germany's largest corporate foundations.
The Essen-based specialty chemicals maker launched a chemical recycling initiative in Japan on Tuesday alongside partners Toyotsu Chemiplas and Sanyo Chemical. The trio intends to collect used polyurethane foam and production scrap, then process it back into reusable polyols and amines. The process is being piloted with an eye toward commercializing the circular model in the Japanese market.
That announcement came just days after Evonik reported progress on the pharmaceutical front. The company picked up recognition at the CPHI Pharma Awards for its digital laboratories and unveiled a biodegradable polymer platform designed to serve as a base for excipients in oral drug delivery.
A Bid on the Table, and a Question Mark Over It
Yet these operational developments are being overshadowed by speculation about Evonik's ownership future. BASF made an initial approach roughly three weeks ago at EUR 22.15 per share — an offer Evonik's leadership dismissed as too low.
According to media reports, BASF has signaled willingness to sweeten its bid after gaining access to Evonik's books. Reuters, citing two people familiar with the matter, reported that the Ludwigshafen-based group would leave existing site and employment guarantees untouched in the event of a takeover.
Should investors sell immediately? Or is it worth buying Evonik?
Political resistance has been building. During a debate in North Rhine-Westphalia's state parliament, economics minister Mona Neubaur made clear her opposition to the plans, citing the need to protect jobs and industrial sites in the region.
IG BCE chief Michael Vassiliadis raised doubts about a full divestment of shares by the RAG Foundation in an internal letter dated October 7 addressed to works councils at both companies. Union board member Alexander Bercht joined in the cautionary stance, warning against hasty moves.
The foundation's board of trustees has been briefed on BASF's interest but has refrained from any public commitment. According to Handelsblatt, citing people involved in the discussions, the foundation intends to wait for direct negotiations between the two chemical groups to play out first.
Where the Stock Stands
In pre-market trading, Evonik shares were quoted at EUR 21.12, putting the stock up 58 percent since the start of the year. The company's market value stands at EUR 9.78 billion. During Wednesday's session, the stock traded at EUR 21.32, a modest gain of 0.4 percent on the day.
Broader sector sentiment received a potential lift Wednesday as possible EU protective measures against Chinese chemical imports moved into focus — a development that could offer relief to European specialty chemicals producers. For Evonik, the debate arrives at a moment when the company is seeking to sharpen its standalone profile.
The Next Inflection Point
Attention now turns to Evonik's own financials. The company has scheduled the release of its third-quarter 2026 report for November 3. Investors are likely to use that interim statement to assess the specialty chemicals maker's fundamental earnings power on an independent basis — and to gauge what leverage management holds heading into whatever comes next.
Ad
Evonik Stock: New Analysis - 16 October
Fresh Evonik information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
