# BASF Explores Potential Takeover of Evonik

> BASF SE has approached specialty chemicals producer Evonik Industries AG and its primary shareholder, RAG-Stiftung, regarding a potential voluntary public takeover offer. Evonik confirmed receiving a non-binding approach concerning all its shares, noting that formal negotiations are not currently underway. No pricing, transaction structure, or definitive regulatory timeline has been disclosed.

Published: 2026-09-28T11:00:00+00:00
Language: en
Categories: [Polyurethane](https://chemexworld.com/en/categories/sectors/polyurethane.md), [News](https://chemexworld.com/en/categories/news.md)

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## Content

The approach targets assets spanning polyurethane additives, specialty interface technologies, processing software, and proprietary foam chemical recycling.

In 2025, BASF reported global group sales of approximately **€60 billion**, while Evonik posted sales of **€14.1 billion** and an adjusted EBITDA of **€1.9 billion**. Evonik's largest shareholder, RAG-Stiftung, holds an approximate **43.8% stake** to fund perpetual liabilities arising from Germany’s legacy hard-coal mining operations.

### **Polyurethane Additives and Process Integration**

If completed without major regulatory carve-outs, an acquisition would integrate Evonik’s Interface & Polyurethane Additives portfolio into BASF’s operations.

Evonik supplies catalysts, silicone surfactants, curative agents, release systems, and specialty modifiers to flexible, rigid, case, and automotive foam converters under established trade names including **Tegostab, Polycat, Dabco, Kosmos, Ortegol, Versalink,** and **Gorapur**.

The transaction would also encompass digital process assets, including Evonik’s proprietary **Tego Rise** optimization software. Engineered for flexible slabstock manufacturers, the platform models line variables and polyurethane reaction kinetics to minimize pilot trials and curb material scrap.

### **Catalytic Recycling and Upstream Synergies**

Evonik operates an advanced chemical recycling platform centered on catalytic hydrolysis for post-consumer flexible PU foam from bedding, seating, and automotive parts:

- The process breaks down cured polyurethane networks into secondary **polyols** and **toluene diamine (TDA)**, which can be reprocessed into fresh polyol and TDI.
- Evonik operates a continuous pilot recycling unit in Hanau, Germany, having successfully demonstrated foams formulated with up to 100% recovered polyols alongside commercial partners **The Vita Group** and waste manager **Remondis**.

The acquisition would combine BASF’s upstream isocyanate and polyol manufacturing scale with Evonik’s downstream formulation IP, additives distribution network, and circular recycling technologies.