Chemicals Giant BASF Moves for Rival Evonik — Update

By Najat Kantouar

German chemicals producer BASF said it entered initial talks over a takeover of smaller peer Evonik, a tie-up that would bolster BASF's dominant position in Europe's chemicals industry.

BASF said Friday it was in exploratory takeover talks with Evonik and the latter's largest shareholder, a foundation called RAG-Stiftung. Evonik, a chemicals producer based in Essen, Germany, earlier Friday noted BASF's non-binding approach. RAG-Stiftung, which holds a stake of 43.8% in Evonik, also confirmed the interest from BASF.

None of the companies said how much money BASF was putting on the table for its bid. Evonik's market capitalization stands at 8.42 billion euros ($9.58 billion), according to LSEG data. BASF, the much larger company, has a market cap of some 46.7 billion euros.

The outcome of these talks remains uncertain at this stage, BASF said. The company said it "continuously evaluates" potential acquisitions that could strengthen its core business and fuel growth.

"In doing so, BASF takes a disciplined approach," the company said, adding that it would inform the market of any developments in line with regulatory requirements.

In European late afternoon trading, Evonik shares were up 6.9% at 19.32 euros, while BASF shares traded 4% lower at 50.19 euros.

Write to Najat Kantouar at najat.kantouar@wsj.com

(END) Dow Jones Newswires

September 25, 2026 12:41 ET (16:41 GMT)