BASF Takeover Bid for Evonik: SPD Wants NRW as Anchor Investor

TVS News AI, editorially supervised, presents BASF Takeover Bid for Evonik: SPD Wants NRW as Anchor Investor.

The opposition SPD wants the state of North Rhine-Westphalia itself to become a co-shareholder of the specialty chemicals group Evonik. In a motion to the Düsseldorf state parliament, scheduled to be debated in plenary next week, it states that the "RAG Foundation and the state of NRW" should in future hold "over 50 percent plus X of the group." The RAG Foundation, which finances the follow-up costs of German hard coal mining, already holds around 43 percent of the shares, according to Evonik.

The trigger is takeover interest from BASF. Just under two weeks ago, the companies involved and the RAG Foundation as Evonik's largest shareholder announced that an offer exists. Evonik spoke of an "informal approach" by BASF, "aimed at a voluntary public takeover offer for all shares of the company." Talks are not currently taking place, BASF stated: "The progress and outcome of the exploratory discussions are currently open." "Manager Magazin" first reported on the SPD's initiative.

The state would thus not only underline the importance of the company for the Ruhr region, but also become a stabilizing anchor in its own right.

Independence Rather Than Job Cuts

The motion aims to preserve Evonik's independence. The SPD parliamentary group demands that Evonik must be "maintained and further developed as a strong and independent group with corporate headquarters, employment, and key decision-making functions in North Rhine-Westphalia" – combined with investments, secure jobs, and long-term site perspectives.

Should a sale or takeover nevertheless occur, the state government must work toward "binding agreements to protect employment, sites, and investments." "Operational redundancies, job cuts, as well as the closure or relocation of key business areas should be ruled out for a solid period of time," the SPD demands.

Wüst's Direct Line to the Foundation

The SPD parliamentary group points to a special constellation: NRW Minister-President Hendrik Wüst (CDU) is a member of the Board of Trustees of the RAG Foundation by virtue of his office. This gives the state "direct access to the deliberations about the future of one of its most important industrial companies," according to the parliamentary group. The state parliament's plenary will debate the motion next week.