Evonik: Further Thoughts on BASF's Takeover Interest – Goldman Sachs Equity Research

Key Takeaways

• 1.BASF and Evonik have both confirmed takeover approaches, although BASF stated exploratory talks occurred while Evonik stated receipt of a non-binding offer with no active talks taking place; neither disclosed terms or pricing.
• 2.A combination would create the world's largest chemical company with c. €74bn in annual revenue, but product overlap in Care Chemicals and Additives could require divestitures, while Animal Nutrition portfolios are largely complementary.
• 3.Chemical M&A precedent multiples average c. 10x EV/EBITDA (range 6-15x), and precedent target synergies average c. 8% of acquired sales, implying an illustrative €1.1bn in annual run-rate synergies on Evonik's FY25 sales.

Table of Contents

• BASF and Evonik at a glance
• Strategic rationale and sales/product overlap
• Structural pressures support industry consolidation; valuations at or above long-term averages as temporary benefits normalize
• Precedent transactions average 10x and range 6-15x EV/EBITDA
• Chemical M&A precedents could support high-single-digit synergy potential
• Valuation & Risks

Report data

Exhibit 1: BASF and Evonik financial profile, portfolio overlap and exposure — as of September 25, 2026.