Secret top meeting: BASF ensnares Evonik and is rejected again

BASF wants to take over Evonik. However, the Essen competitor doesn't think much of the idea, and even a top meeting at the weekend doesn't bring any rapprochement. One reason for this: Evonik has its own expansion plans.

According to an insider, the specialty chemicals company Evonik is giving BASF the cold shoulder even after a top meeting at the weekend. Evonik has already rejected BASF's offer, and this attitude has not changed after the conversation, said an insider, confirming a "Handelsblatt" report. No further appointments with BASF are currently planned, it said.

According to insiders, the company's CEOs and CFOs met for a discussion on Saturday. Spokespeople for both companies did not want to comment on this.

BASF has set its sights on Evonik, but the Essen-based company recently rejected a takeover offer from its larger competitor from Ludwigshafen of 24.00 euros per Evonik share. However, Evonik had left the door ajar for discussions.

Evonik wants to buy it itself

At the end of October, the board rejected formal negotiations and insisted on the company's independence, but agreed to a "purely informative and confidential exchange". They want to explain their own position and give BASF the opportunity to explain their motives.

The people of Essen recently emphasized that they can shape their future on their own. “Evonik is big enough, Evonik is strong and we are making Evonik even stronger,” said CFO Michael Rauch. The specialty chemicals company is also looking for acquisitions itself. It was now said that the Evonik leadership also highlighted this in the conversation with BASF.

At the weekend meeting, BASF, however, discussed the advantages of taking over Evonik from the company's perspective. BASF boss Markus Kamieth recently argued publicly that a merger would create a stronger European chemical company that could better compete against growing competition from Asia and the Middle East.