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Chemicals giant BASF has made a takeover bid for German peer Evonik Industries, in what would be one of the biggest European chemicals deals in years. The Financial Times reported on Friday, September 25, 2026, that BASF submitted a merger proposal to both Evonik and its largest shareholder, the RAG-Stiftung foundation, citing people familiar with the matter. Evonik shares rose about 5% to €18.94 on the news, and including debt, the company is worth about €12 billion, according to MarketWatch.
Why it matters: A BASF–Evonik combination would bring together two of Germany’s industrial heavyweights and reshape the European chemicals landscape. Consolidation at this scale typically means portfolio pruning, overlapping cost bases, and a stronger position in global specialty markets — but also a long, complex integration. The 5% pop in Evonik’s shares shows investors see real deal logic here, yet no price or structure has been disclosed, so the debate over the premium is still ahead of us.
What to watch: Whether BASF formally confirms the approach, what valuation it offers, and how the RAG-Stiftung foundation responds. Regulatory scrutiny and financing terms will matter too, and a competing bidder or a swift rejection could swing Evonik’s shares sharply in either direction.
Related reading: Zymeworks completes Theravance acquisition — another M&A deal in the same industrial consolidation cycle.
At roughly €12 billion including debt, will BASF have to sweeten its offer to win over the RAG-Stiftung foundation — or is this bid already enough to get the deal done? Let us know what you think in the comments.
Source: https://www.marketwatch.com/livecoverage/stock-market-today-dow-s-p-500-and-nasdaq-set-to-rise-as-oil-prices-ease-treasury-yields-slip/card/chemicals-sector-takeover-bid-launched-according-to-a-report-eGzAqFkfnvszm5ziiYBR
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