Shares of German specialty chemicals group Evonik rose as much as 4.8% on Tuesday, marking the biggest single‑day gain in roughly three months. The rally was sparked by reports that BASF has been holding talks this year about a potential transaction involving Evonik.
The speculation was traced to the Dealreporter information service, which said three sources familiar with the matter confirmed BASF's interest. Mergermarket, another M&A data provider, also flagged the rumor. BASF declined to comment on the speculation, stating it does not discuss market rumours, and Evonik offered no response.
Evonik’s largest shareholder, the Essen‑based RAG Foundation, holds about 43% of the company’s shares. The foundation has announced a plan to cut its stake to roughly 25.1% over time, aiming to reduce exposure to the chemicals sector.
In a separate update, interim chief executive Claus Rettig said the company will press ahead with its restructuring agenda despite the broader industry downturn. He described the current “polycrisis” as an opportunity to overhaul legacy structures and improve the firm’s positioning. The restructuring plan, unveiled in June, targets the elimination of roughly 3,200 jobs by the end of 2029, including 2,150 positions in Germany.
