BASF approaches Evonik over potential takeover, puts packaging chemicals in focus

German multi-national chemical company BASF is eyeing a potential takeover of specialty chemicals company Evonik in a move that could consolidate Europe’s chemical sector. Both companies have now confirmed the approach, but highlight that talks are only in the early stages. 

According to Reuters and The Financial Times, BASF approached Evonik and its largest shareholder, the RAG Foundation, about a deal. 

“The Executive Board of Evonik Industries confirms that it has received a non-binding approach from BASF regarding a voluntary public takeover offer for all shares of the company,” a company spokesperson tells Packaging Insights.

BASF and Evonik are upstream chemical suppliers and petrochemical companies that provide polymers, additives, and coatings for packaging products. The companies are both based in Germany but have global reach, producing chemicals with a wide range of applications, such as in packaging, personal care, health care, and nutrition.

The Evonik spokesperson adds that the company “does not intend to comment further on the potential deal beyond its legal obligations or respond to related inquiries.”

“The course and outcome of these exploratory talks remain open at this stage,” says BASF in a company statement. 

“As part of its corporate strategy, BASF continuously evaluates the strategic option of acquisitions that strengthen its core businesses, deliver a strong strategic fit, drive profitable growth and create value.”

Packaging Insights contacted BASF for comment, but did not receive a response by publication.

Germany’s chemical sector

If a potential takeover is pursued, the combination would bring together two major players to create a chemical industry mammoth that could rival Chinese and US counterparts, suggests a Reuters assessment.

With a wide range of products and global operations, a merger could further expand each company’s offerings.Importantly, the RAG Foundation holds around a 43% stake of Evonik, making its position important in any future dealings.

Germany’s chemical sector is a core part of the country’s industrial output. According to Cefic, it was the country’s third-largest industrial sector in 2025, with €220.4 billion (US$ 250.8 billion) in turnover, and accounted for 22% of EU chemical and pharmaceutical production.

BASF is one of the largest chemical companies in the world, with operations spanning 93 countries with 234 production sites across Europe, North America, Asia Pacific, South America, Africa, and the Middle East. Its sales reached approximately €59.7 billion (US$68 billion) in 2025.

Meanwhile, Evonik generated €14.1 billion (US$16.1 billion) in sales and €1.87 billion (US$2.1 billion) in adjusted EBITDA in 2025, while its market value stood at approximately €8.42 billion (US$9.6 billion) on September 25, 2026.

Combining packaging expertise

With a wide range of products and global operations, a merger could further expand each company’s offerings.

BASF recently launched a product line within its Ultradur polybutylene terephthalate portfolio specifically for food-contact applications. Last year, it announced plans to sell its €7 billion (US$8.1 billion) coatings business to the US investment firm Carlyle. The transaction closed in June 2026.

Meanwhile, Evonik supplies specialty coatings and adhesives that are used in packaging applications. Last year, it collaborated with packaging supplier Mondi to develop a recyclable, pre-made paper bag designed for chemical powders.

In recent mergers and acquisitions developments, the European Commission informed UPM and Sappi that its proposed joint venture may restrict competition in the communication paper market. Additionally, Truvant, a packaging solution provider, acquired Multi-Pak Packaging, a US contract packager that specializes in vitamins, minerals, and supplements.