Germany: Chemical producer BASF could increase its takeover offer for specialty chemicals maker Evonik if discussions between the companies proceed, sources close to BASF told Reuters on October 9, 2026. The development follows reports that Evonik rejected an earlier proposal worth €22.15 per share as too low.
Sources said BASF considered the current offer unlikely to be its final proposal. The company has welcomed the decision by the board of Evonik’s largest shareholder, the RAG Foundation, to consider the offer.
Why Could BASF Increase Its Offer?
According to sources close to BASF, the company may be prepared to improve its proposal if negotiations with Evonik move forward. A committee of BASF’s supervisory board was scheduled to meet on Friday to discuss Evonik, the sources added.
BASF declined to comment on the potential increase in its offer.
What Is the Current Status of the Takeover Proposal?
Evonik announced in September that it had received a non-binding approach from BASF regarding a voluntary public takeover offer for all its shares. At the time, Evonik said formal talks between the companies were not taking place.
Subsequent reports indicated that Evonik had rejected the proposal, which valued its shares at €22.15 each, on the grounds that the offer was too low.
What Role Does the RAG Foundation Play?
The RAG Foundation is Evonik’s largest shareholder, and its board is considering BASF’s proposal. Its position could be significant as the potential takeover process develops.
However, no revised offer or agreement between the companies had been announced as of October 9. Any further progress will depend on subsequent discussions and the terms of a potential revised proposal.