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...company would lose its chief and chair at the same time....
...BASF, the world’s biggest chemical group and a major investor in China, is also expanding its US operations....
...A top BASF China executive is leading the race to succeed Martin Brudermüller as chief executive of the world’s biggest chemicals group, an appointment that would cement the company’s reliance on Beijing...
...LetterOne will remain a minority shareholder in the newly combined company....
...The chemicals industry, which sits at the start of a vast number of companies’ supply chains, is seen as a bellwether for industrial production, adding to concern among German politicians and executives...
...BASF’s shares were largely flat on Friday, which analysts largely attributed to the improved cash flow position, which indicated the company would maintain its dividend guidance....
...Preliminary results from BASF illustrate the malaise. Operating earnings at the chemicals conglomerate fell 45 per cent last year to €3.8bn....
...The German chemical company, which has been criticised for investing heavily into China while downsizing in Europe, on Friday said it would sell its shares in two plants making chemicals that go into elastic...
...BASF has announced an additional €1bn of cost cutting at its home site in Ludwigshafen, intensifying a planned downsizing in Germany due to low demand and “structurally” higher energy prices....
...BASF has appointed Markus Kamieth to take over as CEO, an executive closely associated with the world’s largest chemical group’s expansion plans in China....
...Sales and profits tumbled at BASF last year, as the world’s biggest chemicals group struggled with high energy prices and a slowdown in global demand....
...BASF has appointed Markus Kamieth to take over as chief executive, picking a candidate closely associated with the world’s largest chemical group’s Chinese expansion plans....
...BASF is slashing its five-year investment budget by €4bn, as the world’s largest chemical company struggles with slowing demand and lower prices for its products....
...The move followed German media reports that alleged employees at the company’s joint venture partner, Xinjiang Markor Chemical Industry, had carried out “home visits” to Uyghur families to gather evidence...
...BASF has said full-year sales and profits will come in at lower end of its forecast range, as the world’s biggest chemical group continues to suffer from falling demand for its products....
...VW is pouring €5bn into China’s electric vehicle sector, while BASF is spending €10bn on a state of the art chemical plant. “This is a very opportune time to get out,” Zenglein says....
...Last week, German chemical maker BASF announced it would sell stakes in its two Xinjiang joint ventures following reports that employees at its local JV partner had participated in state-sanctioned home...
...They are writing to 50 of the world’s biggest chemical companies, including Germany’s BASF, Chemours of the US and Japan’s Daikin....
...BASF: Shares in the German chemicals company added 3.5 per cent after UBS raised its rating on the stock to buy from sell....
...Criticism of the strike also came from BASF, the German chemicals giant....
...Earnings: Results are due from German chemicals group BASF, UK emerging market-focused bank Standard Chartered and German telco Deutsche Telekom....
...Thousands of US lawsuits targeting major chemical companies have been filed and agencies globally are tightening regulation....
...The relationship, which spans Germany’s largest groups including Volkswagen and BASF to small and medium-sized companies of the country’s Mittelstand, was long seen as a pillar of the country’s economic...
...In addition, it will issue approximately 921.2mn new Harbour shares to BASF and LetterOne at about a 60 per cent premium to its average stock price for a total value of $4.15bn, the company said....
...Adnoc declined to comment.At the heart of the matter is the complexity of the transaction and the cross-shareholdings between the companies’ chemicals arms....
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