The SPD in North Rhine-Westphalia is increasing the pressure, but the state government rejects the demand for state entry. Minister Neubaur makes it clear – and refers to the RAG Foundation.
The parliament in North Rhine-Westphalia has rejected a motion from the SPD that called on the state government to take greater action at Evonik.
Economics Minister Mona Neubaur (Greens) spoke out clearly against BASF's takeover of Evonik and warned that the state's participation does not automatically secure employment.
The RAG Foundation holds 44 percent of Evonik and is the largest individual shareholder; the board of trustees has so far only received information about BASF's interest in taking over.
Prime Minister Hendrik Wüst has an important say as a member of the RAG-Stiftung's board of trustees; Those involved suspect that he wants to postpone a decision in the election campaign.
Dusseldorf. The possible takeover of Evonik by BASF is reaching the state election campaign in North Rhine-Westphalia. On Wednesday, parliament rejected a proposal from the SPD. The Social Democrats wanted to persuade the black-green state government to intervene more strongly in Evonik.
Economics Minister Mona Neubaur (Greens) spoke out in the state parliament expressly against a takeover of Evonik by BASF. "We want the employees to stay. We stand by this point. And that makes it clear that we are against this takeover."
Specifically, the SPD called on the state government to examine a stake in the Essen chemical company. Together with the RAG Foundation, North Rhine-Westphalia could secure a majority in Evonik. Neubaur rejected the proposal in her speech. Participation by the state does not automatically ensure employment, she said.
BASF expressed interest in Evonik a few weeks ago. The Ludwigshafen-based group had started discussions with Evonik and the RAG Foundation about a possible takeover.
The foundation holds around 44 percent of Evonik, making it by far the largest individual shareholder. Without the approval of the foundation, a takeover is unlikely to be enforceable. The ownership question is already politically charged: Prime Minister Hendrik Wüst (CDU) sits on the RAG Foundation's board of trustees.
Neubaur emphasized that the state government is in favor of maintaining central Evonik functions such as research, development and the corporate headquarters in the state - especially since the chemical industry is struggling with structural challenges. “We want industrial value creation, qualified employment and essential corporate functions to remain with us here in North Rhine-Westphalia,” said Neubaur.
Neubaur also held the RAG Foundation accountable: As the largest shareholder, it has a special responsibility - at the same time, it must permanently finance its perpetual obligations and invest its assets carefully. The foundation has not yet published a clear line on how to proceed.
The board of trustees of the foundation, which holds 44 percent of the shares, discussed the offer for the first time last Friday afternoon in Essen. The foundation then simply announced that the board of trustees had been informed by the board of directors about BASF's interest in taking over Evonik.
As the Handelsblatt learned from circles of those involved, the main shareholder deliberately wants to stay out of it for the time being and is initially leaving responsibility to the boards of Evonik and BASF. It is believed that the two companies will first have to negotiate bilaterally.
A good two weeks ago, the board rejected BASF's offer of around ten billion euros. Since then, Evonik has been promoting its independence to investors, unions and politicians.
Prime Minister Wüst has a decisive say in the RAG-Stiftung's supervisory board. It is led by former North Rhine-Westphalia Prime Minister Armin Laschet (CDU), and Federal Economics Minister Katherina Reiche (CDU) and Federal Finance Minister Lars Klingbeil (SPD) are also members. Michael Vassiliadis, head of the IG BCE union, is also represented in the foundation.
Those involved assume that Wüst is initially playing for time and wants to postpone a decision. It is said that anything else is not appropriate in the election campaign. Elections will take place in North Rhine-Westphalia in April 2027. “Chemical workers who fear for their jobs at Evonik, with whistles in front of the Düsseldorf State Chancellery – Wüst can’t use that,” said an advisor.
Investors and shareholder representatives expect BASF to make further advances in the next few weeks. “I am convinced that BASF will now go through with this,” said Ulrich Hocker, President of the German Association for the Protection of Securities Holdings (DSW), to Handelsblatt.
The FDP, an opposition party in North Rhine-Westphalia, is also opposed to the state's entry. The problem in the chemical industry is not wrong owners, but rather high energy prices, bureaucracy and long approval processes, said parliamentary group leader Henning Höne. “More government is not the answer to this.”
