Evonik: Fusion mit BASF? Belegschaft fürchtet um bis zu 4000 Stellen

BASF continues its pursuit of a takeover of Evonik, despite Evonik's rejection of a first offer, according to sources. The rejection of the initial bid for 22.15 euros per share, totaling a 10.3 billion euro purchase price, was expected but not surprising. A new offer remains uncertain, contingent on Evonik's readiness for discussions.

The offer was deemed excessive for a potential merger by Evonik's management. Both companies were engaged in significant restructuring projects, requiring managerial attention. Evonik CEO Christian Kullmann's health crisis, announced in early August, delayed his return to the role until spring 2027. Evonik received the BASF offer in early September, after Kullmann's health issue became known.

The decision to initiate the acquisition process, not influenced by current developments, has been ongoing for months. BASF remains confident in the strategic benefits of a merger, focusing on synergy in growth and cost reduction. While there is concern among BASF investors about potential financial overreach, the deal's financing is well-planned, not compromising BASF's dividend or debt reduction objectives.

The NRW government expresses concern for job locations and employees but is not opposed to the deal outright. The IG BCE union strongly criticizes the plan, fearing job losses and market impact in Germany. Vassiliadis, the IG BCE president and deputy chairman of the RAG-Stiftung, acknowledges the conflict of interest in the BASF board.

He has disclosed this interest conflict in the board, preventing his further involvement in the fusion discussion. The RAG-Stiftung, with a 44% stake in Evonik, plays a crucial role in shaping the deal. It is unlikely that the Stiftung's chief, Bernd Tönjes, would push for a sale against Evonik's management wishes. However, joint discussions with BASF remain possible.