BASF Slashes Dividend, Weighs Unit Listing as Slump Deepens
- Chemical maker targets share buyback of around €4 billion
- Prepares agricultural unit for possible minority share sale
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BASF SE will cut its dividend and hive off assets as part of a broad overhaul that could involve further plant closures in Germany to counter high energy prices and a persistent slump in China.
The new measures include preparing the agricultural unit for a possible listing, confirming a Bloomberg report from earlier this month. The segment, which makes crop protection products like herbicides and fungicides, reported about €10 billion ($11.1 billion) in sales last year.