Evonik Rejects BASF Takeover Bid Following First Executive Meeting
Top executives from the German chemical companies met near Frankfurt, but Evonik maintained its stance on remaining independent.
The leadership teams of major German chemical companies BASF and Evonik held their first face-to-face meeting over the weekend near Frankfurt amid an ongoing takeover pursuit. The high-stakes gathering brought together the chief executive officers, chief financial officers, and company advisors from both organizations for direct discussions.
BASF chief executive officer Markus Kamieth and Evonik interim chief executive officer Claus Rettig participated in the talks alongside chief financial officers Dirk Elvermann and Michael Rauch. The meeting served as a neutral-ground forum following BASF's decision to increase its acquisition offer to 24.00 euros per Evonik share, valuing the smaller competitor at roughly 11 billion euros.
According to sources familiar with the discussions, the meeting functioned strictly as an informative exchange offered by Evonik. During the session, BASF representatives outlined their strategic vision and detailed the potential advantages of combining the two chemical enterprises under a single corporate umbrella.
Despite the dialogue, Evonik leadership firmly reiterated its commitment to corporate independence. Insiders confirmed that the Essen-based specialty chemicals group had previously turned down the 24.00 euro per share proposal, and this position remained unchanged following the weekend discussions.
During the talks, Evonik executives explained their independent strategy and detailed how the company intends to drive value creation on its own over the coming years. Management from Evonik repeatedly emphasized that the firm is fully capable of shaping its future autonomously without merging with its larger rival from Ludwigshafen.
No further meetings between the two companies are currently scheduled following the weekend exchange. While the leadership of Evonik previously left a slight opening for dialogue by agreeing to the informative meeting, the board has shown no indication that it is willing to soften its opposition to the acquisition bid.