The chemical giant BASF is facing a larger sales program with the change at the top management and in view of poor business.
Seven months before his departure, the current CEO Martin Brudermüller was pushing ahead with the sale of parts of the group with a volume of up to ten billion euros, reported the “Handelsblatt” (Monday), citing corporate and financial circles. Four larger and smaller sales projects are on the agenda.
The BASF share temporarily rose 0.68 percent to 43.24 euros in XETRA trading. However, it has now fallen by 0.48 percent to 42.75 euros. However, the level remains low: since the beginning of the year, the DAX stock has lost almost seven percent, in the past three years the decline has been 17 percent and in the past five years even more than 40 percent.
Baader analyst Konstantin Wiechert expects the chemical company to lower its annual forecast again when it presents its third quarter figures. Given the rumored divestitures, the free cash flow could still be enough to pay a small dividend, Wiechert wrote.
According to the newspaper report, Brudermüller is also involved in filling his own position after the general meeting at the end of April 2024. The successor should be decided by December. The favorite is Asia board member and Brudermüller confidant Markus Kamieth (53). But technology director Melanie Maas-Brunner (55) can also see opportunities. A decision has not yet been made. BASF did not want to comment on the information to the newspaper.
According to reports, Brudermüller’s intention to sell involves four areas. On the one hand, the oil and gas production subsidiary Wintershall DEA – a separation has been planned for several years. Those interested in purchasing include the French oil company TotalEnergies and the Norwegian developer Equinor. A sovereign wealth fund from Abu Dhabi also belongs to the group. BASF holds around 73 percent of the company.
Other sales candidates include the catalytic converter business for combustion cars, parts of the paints and coatings division and individual plants in the food additives business.
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