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BASF to Buy Back Up to $3.4 Billion of Shares After Strong 2021

  • Company has benefited from rising prices for chemicals
  • German firm says acquisitions currently of lower relevance
Updated on

BASF SE said it will buy back as much as 3 billion euros ($3.4 billion) of shares after profits swelled on the back of surging prices for the chemicals it produces.

The stock repurchase program will start this month and conclude by the end of next year, BASF said Tuesday in a statement. Europe’s biggest chemicals maker rose as much as 3.5% in Frankfurt trading.