BASF SE plans to invest 10 billion euros ($13 billion) in the Asia-Pacific region as it shifts research and procurement to the world’s fastest growing chemical market to help double profitability there.
BASF SE Deputy Chief Executive Officer Martin Brudermueller said the chemical industry will draw most of its growth from Asia in coming years, underscoring the role of emerging markets for the German company.
BASF SE is willing and ready to make larger acquisitions in Asia and is exploring some opportunities, Frankfurter Allgemeine Zeitung reported, citing an interview with board member Martin Brudermueller.
BASF SE’s choice of Kurt Bock as the next chief executive officer of the world’s largest chemical maker underscores a focus on acquisitions as the company prepares to clinch its next transaction this month.
For Raimund Muecke, the euro’s 17 percent surge against the dollar over the past five months signals a return to the days when a thriving Germany and an appreciating deutsche mark meant a robust Europe.
European stocks dropped the most in a week as Italy failed to meet its maximum target at a debt sale, Spain struggled to bolster its banking system and a Greek poll showed increased support for parties opposed to spending cuts.
BASF SE isn’t seeing the dynamism it expected in Asia and is considering a partnership in India, Frankfurter Allgemeine Zeitung reported, citing an interview with deputy chief executive officer Martin Brudermueller.
German stocks advanced, rebounding from a three-day drop, after Reuters reported a jump in Chinese exports and Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank will take “necessary” steps to aid recovery.