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Business

BASF Share Buyback Picks Up Speed

BASF, the world's biggest chemicals maker, said it plans to buy back €500 million worth of its own shares, bringing the total volume of its share buyback program to €1 billion ($1.23 billion). "The management board has decided to increase its share buyback program," the Ludwigshafen-based firm said in a statement. "In total, we plan to repurchase shares for an additional €500 million. The repurchasing of the additional shares can begin immediately." So far this year, BASF had already used €500 million to buy back a total of 11.64 million shares -- or 2.09 percent of the share capital -- at an average price of €42.92 apiece. "The aim of buying back shares is to reduce the equity ratio and thus lower the cost of capital and to increase earnings per share," BASF said. (AFP)