Claus Rettig, the interim CEO of Evonik, has defended the specialty chemicals group’s rejection of BASF’s multi-billion-euro takeover offer. Speaking to the “Frankfurter Allgemeinen Zeitung”, Rettig questioned the assumption that sheer size automatically equates to better performance, pointing out that the trend in other industries is toward greater focus.
BASF had offered €24 per share, with Evonik valued at over eleven billion euros. Despite this offer, Evonik remains committed to its independence, stating that the company can deliver what BASF proposed through its own operations and internal planning.
The CEO, who stepped in for the ill Christian Kullmann, clarified that the company has a clear strategy for enhancing its value. He emphasized that Evonik wants to be an active participant in consolidating the industry, noting that while they have numerous ideas, consolidation must ultimately generate value and drive growth. He stated that the company is prepared whenever an suitable opportunity for such a path arises.
Rettig highlighted that there are growth opportunities in Germany, Europe, and the United States, adding that Evonik possesses significant financial strength. However, he specified that the company has not actively pursued acquisitions up to this point.
Addressing recent market rumors that Evonik might be interested in U.S. competitor Ashland-which some observers see as a tactic to discourage BASF-Rettig declined to comment on market speculation. He delivered a clear message, however, stating that Evonik does not need “poison pills” and would not resort to them, viewing such measures as ultimately self-destructive.
Furthermore, Rettig dismissed fears that Evonik might become a takeover target for other entities should BASF lose interest. “Nowadays, you hear people saying that the Arabs will come for us,” he remarked, calling the notion “complete nonsense.”
Regarding a counter-offer, Rettig indicated there is none. He noted that any offer directed toward the public issue price would necessitate a complex maneuver to achieve that level of pricing organically, something they are far from close to. Evonik was originally listed in 2013 at a placement price of €32.20 per share.
