Kommentar: Evonik muss zeigen, dass Eigenständigkeit mehr ist als Abwehr
Der geplante US-Zukauf stärkt Evoniks Argumente gegen eine Übernahme durch BASF – zeigt aber, wie teuer eine eigenständige Wachstumsstrategie werden kann.
BASF has placed Evonik in an unfavorable position: Following the takeover attempt, the Essen-based conglomerate must explain why its future as an independent entity should be more attractive than under the larger rival's umbrella. Now, Evonik cannot justify its independence solely on what the group does not want: not this price, not these conditions.
It must state what it intends instead. The planned acquisition of the US chemical company Ashland is a good opportunity, although one that can quickly become costly. Strategically, Ashland fits well. The company strengthens businesses where Evonik intends to grow anyway, and shifts weight towards North America. Long-term, the company plans for one-third of its revenue to come from Europe, America, and Asia.
A larger acquisition accelerates the balance of weights faster than organic growth. However, there is a catch: Ashland has also caught the eye of others. Ashland's stock has risen, and financial investors are ready to step in. What began as a clever idea can quickly turn into an expensive demonstration of one's ambition.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
