Evonik shares surge as BASF reportedly sweetens takeover offer to €11B

Shares of Evonik Industries AG jumped as much as 5.2% on Friday following a Bloomberg report that chemical giant BASF SE has raised its takeover offer for the group to more than €11 billion ($12.3 billion). The sudden price movement triggered a temporary volatility halt in Evonik stock.

BASF’s revised proposal values Evonik at roughly €24 per share, up from a previous valuation of approximately €10.3 billion, according to sources familiar with the matter. The improved bid includes commitments to preserve existing jobs and maintain key production sites.

The updated offer represents a roughly 38% premium over Evonik’s closing price prior to initial reports of BASF’s interest in September. Stepping up its lobby efforts, BASF pledged earlier this week to honor Evonik’s current job guarantees through 2032.

At 1:11 p.m. in Frankfurt, Evonik shares were trading at €20.86, giving the Essen-based specialty chemicals maker a market capitalization of around €9.7 billion.

Deliberations remain ongoing, and sources cautioned that a final transaction is not guaranteed. Representatives for both BASF and Evonik declined to comment.