Dusseldorf. A statement by IG-BCE boss Michael Vassiliadis about Evonik's financial situation is causing unrest in the Essen-based chemical company. In an interview with the “Rheinische Post”, Vassiliadis said that Evonik was “equipped with problematic financing issues”. The Essen-based company noted this statement “with great surprise and annoyance,” company circles said.
According to the sources, analysts contacted Evonik on Friday morning and asked about possible financing problems following Vassiliadis' statement. Evonik strongly denied this, it said, and pointed to the recently improved credit ratings.
Vassiliadis' statement could also be legally problematic. It must be analyzed whether such a capital market-relevant statement is legally permissible without the person having insider knowledge about the company, it is said in the circles. As union boss, Vassiliadis is close to Evonik, but does not sit on the supervisory board there.
Vassiliadis made his statement in the context of the possible takeover of Evonik by BASF. BASF submitted an initial offer for the Essen-based company worth ten billion euros, which the Evonik board rejected. There are currently no discussions taking place between the two companies.
The union boss said in the interview that Evonik was innovative, but that the “big step forward” was still pending. More ideas could be implemented if the company had more money, argued Vassiliadis. BASF is not lacking in this.
The statement is explosive because the assessment of the major rating agencies recently went in a different direction. The rating agency Moody's raised Evonik's long-term issuer rating from Baa2 to Baa1 at the end of August, giving it a stable outlook.
The agency justified the move with, among other things, improved debt ratios, higher cash flow and a conservative financial policy. S&P also rates Evonik at BBB+ and therefore with a stable outlook. Both ratings are in the investment grade range, meaning they are considered solid investments with a low to moderate risk of default.
Evonik itself had also recently emphasized strengthening its financial position. In the second quarter, adjusted Ebitda rose to 630 million euros. At the same time, CFO Michael Rauch explained that the group wanted to further improve its debt ratios in order to create additional financial flexibility. Evonik has already increased its profit forecast for 2026.
The union leader's comments come at a tense moment. BASF is making a possible higher offer dependent on obtaining a more detailed insight into Evonik and would like to have discussions with the board about this, according to company circles.
Evonik, on the other hand, sees no basis for such discussions based on the previous price and, according to an insider, does not currently feel under pressure to act. Vassiliadis' statements reflect a tense relationship between him and Evonik. In the Essen group he is understood to support the BASF offer, it was said in the circles. Evonik works councils were also surprised.
The comment about Evonik's financing has additional weight: Vassiliadis not only sits at the head of IG BCE, but also on the board of trustees of the RAG Foundation. It owns 44 percent of the shares in Evonik. As the main shareholder, she plays a key role in the takeover poker. At the same time, Vassiliadis sits on the BASF supervisory board. There he said he was biased because of the possible conflict of interest.
The expectation had recently been expressed in corporate circles that the RAG Foundation and the North Rhine-Westphalia state government would clearly support the group's independence. The state government initially remained cautious and primarily referred to jobs, locations and central functions in North Rhine-Westphalia.
It was only in a state parliament debate on Wednesday that NRW Economics Minister Mona Neubaur (Greens) made it clear that the government rejected a takeover by BASF under the current conditions.
