BASF and Evonik, Germany’s two largest chemical groups, have held direct talks over the weekend about a possible takeover, in the first sign of movement since Evonik rejected BASF’s sweetened offer at the end of October.
The chief executives and chief financial officers of both companies met over the weekend, two people familiar with the matter told Reuters on Monday. An Evonik spokesperson declined to comment on the meeting.
Evonik’s board rejected BASF’s improved proposal in late October, saying it would not enter formal negotiations on the basis of the information it had received. The offer valued Evonik at €11.18 billion, or €24 a share, up from an earlier approach of €22.15 a share that Evonik turned down in September.
Evonik has, however, kept the door open to a confidential, informational exchange, asking BASF’s management to explain the strategic rationale for a combination. Interim chief executive Claus Rettig restated that position on the company’s third-quarter earnings call last week, saying Evonik would not negotiate on the information received so far but would take part in the exchange.
BASF chief executive Markus Kamieth has said any combination would need to create value for shareholders, and has previously indicated that approvals would make completion possible in 2028 at the earliest. No formal public takeover offer has been published, and no definitive agreement has been announced.
Any deal would face a significant hurdle in the RAG Foundation, which owns about 43 per cent of Evonik’s shares. Evonik has also pointed to its own improving performance, reporting third-quarter adjusted earnings of €629 million, up 40 per cent on a year earlier.
The talks come as European chemicals groups face weak demand, high energy costs and pressure to consolidate. Whether the weekend meeting moves the two sides closer to a deal, or simply clarifies why they remain apart, is not yet clear — and neither company has confirmed that it took place.
Sources: Reuters, “BASF, Evonik management held talks over weekend, sources say” (https://www.reuters.com/business/basf-evonik-management-held-talks-over-weekend-sources-say-2026-11-09/); PCI Magazine, “BASF Reportedly Raises Evonik Offer Above €11 Billion” (https://www.pcimag.com/articles/115431-basf-reportedly-raises-evonik-offer-above-11-billion). Note: the weekend talks themselves are reported by Reuters citing two unnamed sources and have not been confirmed by either company.
