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Investing.com -- German manufacturer, BASF SE (OTC:BASFY), is preparing for a potential listing of its agricultural chemicals division, according to Bloomberg, citing individuals familiar with the matter. Deutsche Bank AG (ETR:DBKGn) and Goldman Sachs Group Inc (NYSE:GS). are assisting BASF in readying the unit for a listing. The agrichemical business, which manufactures crop protection products such as herbicides and fungicides, could be valued at more than €20 billion ($22 billion) in a listing.
The company has stated its intention to complete the separation of the unit by 2027. Global coordinators, who will be responsible for underwriting the share sale, will be appointed at a later date. There are ongoing discussions, and it’s possible more banks could be involved in the future. Representatives from BASF, Deutsche Bank, and Goldman Sachs have declined to comment on the matter.
The company has been contemplating listing the agrichemical business in the US, but Germany is also being considered as a potential venue for the business. BASF’s Chief Executive Officer, Markus Kamieth, who assumed the role last April, has been restructuring the company to combat high energy prices and a decrease in global demand, especially from China.
In September, Kamieth announced new actions including preparing the agricultural unit for a possible listing and selling off its decorative paint business in Brazil. In February, BASF agreed to sell the Brazilian paints unit to Sherwin-Williams Co (NYSE:SHW). for $1.15 billion. The company is also in the process of preparing the sale of a separate coatings business.
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