BASF has approached Evonik and its largest shareholder RAG-Stiftung about a potential takeover of the German speciality chemicals producer.
BASF said exploratory discussions were underway, but stressed that the outcome remained open. Evonik and RAG-Stiftung have also confirmed receiving an approach from BASF.
RAG-Stiftung holds about 44 per cent of Evonik and would therefore have a significant role in any potential transaction.
The approach comes as both companies are restructuring their operations. Evonik recently announced plans to cut 3,200 jobs as part of measures to reduce costs and sharpen its focus on its core businesses.
Overlapping businesses
Evonik generated sales of about €14 billion ($15.93bn) in 2025, while BASF generated sales of about €60bn ($68.27bn). A takeover would bring together two of Germany’s largest chemical companies.
The businesses have some overlap but also have different areas of focus. BASF has a major presence in integrated chemical production and basic chemicals, while Evonik has a stronger focus on speciality chemicals, including additives, polymers and products for animal nutrition.
Both companies are also reducing their exposure to parts of their traditional chemicals businesses. Evonik has been restructuring its portfolio and is pursuing the sale of its C4 chemicals and oxo alcohols business, while BASF has been selling assets and focusing investment on its core activities.
BASF said it continuously evaluates potential acquisitions as part of its corporate strategy, including opportunities that strengthen its core businesses, provide a strong strategic fit, support profitable growth, and create value.
