Evonik Set to Reject BASF’s Sweetened €11bn Takeover Bid

✦ Meridian Analysis

BASF has submitted a takeover proposal for Evonik that the specialty‑chemicals group is reportedly set to reject. The bid, valued at roughly €11 billion, remains at the rumour stage. BASF, the larger rival, is acting as a strategic buyer aiming to combine the two firms into a Germany‑based industry champion, while Evonik may leave the door open to future talks. The mechanics of the deal would involve a cash‑or‑stock offer for Evonik’s shares, a classic merger‑by‑acquisition structure that would require antitrust review in Germany and the EU before any integration could proceed. What remains undisclosed are the exact terms of the €11 billion proposal – including any premium to Evonik’s last closing price, the financing mix BASF intends to use, and the advisers on both sides. Details on the expected timetable for antitrust clearance, shareholder votes and any contingent clauses have not been provided, and will be crucial for assessing whether the bid can survive the regulatory hurdle and be refined into a binding agreement.

The Meridian Weekly