Evonik shares rise on plans to divest two units as part of restructuring
German chemicals group Evonik's shares rose 3% after announcing plans to divest two units, Syneqt and Oxeno, as part of a reorganization strategy that will enter its second phase in 2027. The divestments, particularly the potential sale of C4-chemicals maker Oxeno, are seen as a key factor in the share price movement. Evonik shares are on track for their best day since late July and have risen 33% year-to-date.
Shares in Evonik were up 3% after the German chemicals group said it plans to divest two units as part of its reorganization process, which will enter a second phase in 2027. Evonik said it intends to divest Syneqt, which groups together its infrastructure assets, and is in talks to sell C4-chemicals maker Oxeno, with Berenberg analyst Sebastian Bray saying that may explain the share move. The shares were on track for their best day since late July if the gains hold and have risen 33% year-to-date.