本报告为高盛就巴斯夫（BASF）对赢创（Evonik，EVKn.DE）潜在收购意向的后续推演。9月25日，巴斯夫确认与赢创及其最大股东RAG-Stiftung就潜在收购进行探索性磋商，但表示进程与结果仍不确定；赢创则确认收到针对其全部股份的非约束性自愿公开收购要约提议，同时表示目前并未进行谈判。双方公告均确认存在接触，但对磋商状态的表述存在差异，且均未披露交易条款或报价。报告认为，潜在合并将缔造全球最大化工集团，战略理由在于采购规模扩大、特种化学品组合更丰富，以及采购、管理和运营成本整合的机会，有助于在欧洲化工生产面临结构性压力、全球供应过剩的背景下提升竞争力。产品层面，护理化学品与添加剂在定制解决方案板块的重叠最为突出，动物营养业务则基本互补；潜在合并可能需要资产剥离，从而削弱组合与成本协同效应。
On 25 September, BASF confirmed exploratory talks with Evonik and its largest shareholder, RAG-Stiftung, regarding a potential takeover, while stating the course and outcome remained open. Evonik separately confirmed receipt of a non-binding approach regarding a voluntary public takeover offer for all its shares, but stated that no talks were currently taking place. Both announcements confirm an approach, although their descriptions of the status of discussions differ; neither disclosed terms or offer price. We believe a potential combination would create the largest global chemical company, with the strategic rationale in greater purchasing scale, a broader specialty chemicals mix and opportunities to consolidate procurement, administrative and operating costs, strengthening competitiveness against structural pressure on European chemical production and global oversupply. Product and segment-level overlap would be most acute in Care Chemicals and Additives in the Custom Solutions segm