By Giulia Petroni

BASF SE said Tuesday that it will launch a share buyback program of up to 3 billion euros ($3.40 billion), citing positive business development and divestitures last year.

The German chemicals conglomerate said the program should start this month and end by Dec. 31, 2023 at the latest. It is subject to a renewed authorization to repurchase own shares by the annual shareholders meeting scheduled for April 29.

All repurchased shares will be canceled and the share capital reduced accordingly.

BASF also said it will continue to prioritize organic growth in the use of capital, while acquisitions are currently less relevant for the company.

At 1210 GMT, shares were up 2.6% at EUR64.23

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

January 04, 2022 07:27 ET (12:27 GMT)

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