Voluntary takeover offer: BASF interest in Evonik: SPD proposes state participation

In the debate about how to deal with BASF's takeover plans for the chemical company Evonik, the opposition SPD has suggested that the state of North Rhine-Westphalia should be involved.

The state government should check whether the state itself becomes active as a shareholder in Evonik, "and whether the RAG Foundation and the state of North Rhine-Westphalia have 50 percent plus X in the group," it says in an application to the state parliament.

According to the SPD, the application will be discussed in plenary session next week.

“Manager Magazin” had previously reported on the proposal.

“The state would not only underline the importance of the company for the Ruhr area, but also become its own anchor of stability,” said SPD parliamentary group leader Jochen Ott to the magazine.

According to Evonik, the RAG Foundation, which finances the follow-up costs of German hard coal mining, currently holds around 43 percent of Evonik shares.

In the motion, the parliamentary group calls for Evonik's independence to be maintained.

The state government's industrial policy interest must be aimed at "maintaining and further developing Evonik as a strong and independent group with corporate headquarters, employment and key decision-making functions in North Rhine-Westphalia," it says literally.

SPD: Takeover not at the expense of the employees

This must be linked to investments, secure jobs and long-term prospects for the locations.

If a sale or takeover is nevertheless pursued, the state government must ensure that binding agreements are made to protect employment, locations and investments.

“Dismissals for operational reasons, the reduction of jobs and the closure or relocation of essential areas of the company should be ruled out for a reliable period of time,” demands the SPD.

North Rhine-Westphalia's Prime Minister is a member of the RAG Foundation's board of trustees

Almost two weeks ago, the companies involved and the RAG Foundation, Evonik's largest shareholder, announced that there was an offer.

Evonik spoke of a non-binding approach from BASF.

“This is aimed at a voluntary public takeover offer for all shares.”

Discussions are currently not taking place.

BASF had announced: “The progress and outcome of the investigations are currently open.”

North Rhine-Westphalia Prime Minister Hendrik Wüst (CDU) is an official member of the foundation's board of trustees.

“The state thus has direct access to discussions about the future of one of its most important industrial companies,” emphasized the SPD.