The world’s largest chemical company wants to continue growing organically.
(Photo: dpa)
Munich The Ludwigshafen-based chemical company BASF wants to return three billion euros to the shareholders through a share buyback. “In view of the positive business development and the divestments in the course of 2021”, the buyback campaign should begin in January and run until the end of 2023, the Dax group announced on Tuesday.
The annual general meeting at the end of April still has to approve the buyback, according to the group’s announcement. At the share price on Tuesday, the volume corresponds to a good five percent of the share capital.
The dividend should not suffer from the share buyback: “BASF is sticking to its progressive dividend policy. Share buybacks are another tool that BASF will also use to create value for its shareholders, ”it said.
The group last bought back its own shares between 1999 and 2008. The price of the paper was a good 2.5 percent in midday trading.
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