BASF pledges job security through 2032 as it eyes Evonik takeover
BASF's CEO Markus Kamieth announced that no layoffs will occur until 2032 and that collective agreements will stay intact, while the company continues talks to acquire Evonik.
Markus Kamieth, chief executive of BASF, used a Thursday video address to assure that no operational dismissals will happen at any plants acquired from Evonik until at least 2032, and that existing collective bargaining agreements will remain untouched. He stressed that the Essen region and the broader North-Rhine Westphalia area will stay vital with at least one board division based there. BASF has signaled a purchase price of about €22.15 per Evonik share, after which Evonik’s shares fell roughly 1.3% to €20.62.
The RAG Foundation, which holds a large stake in Evonik, is being asked to view a sale as a way to fulfil its long-term mission. Meanwhile, Evonik is said to be assessing a possible acquisition of the U.S. chemicals firm Ashland, a process that began before BASF’s approach.
