The board of directors of the German Evonik Industries has resolved "not to enter into negotiations with Basf", despite the fact that the chemical giant raised last week the value of its acquisition proposal above 11,000 million euros, compared with the 10,300 million initially proposed and already ruled out by Evonik.
In a note sent by the company, Evonik's highest governing body explains that, after analyzing in detail the letter from Basf dated October 22, 2026, in which the group expresses its intention to launch a voluntary public takeover bid, "it has decided not to enter into negotiations with Basf".
In this way, Evonik's board reaffirms that it will remain focused on its current roadmap and on driving the company's growth independently, without integrating into its competitor.
Even so, the company has indicated that it is open to maintaining a "purely informative and confidential" contact with Basf, in order to detail the position of Evonik Industries and allow the rival group to explain its arguments and the factors that underpin its interest.
Basf, also based in Germany, revised upward its proposal last week to 24 euros per share, from the 22.15 euros initially offered and which Evonik had already rejected in September, which raises the total value of the transaction above 11,000 million euros.