BASF CEO says to hold onto cash for the moment
FRANKFURT Oct 24 (Reuters) - BASF, the world's biggest chemical company for sales, does not plan to join a mergers and acquisitions rush, its chief executive told Reuters Insider on Friday.
"At this point in time, we keep our cash where it is and make up our mind what is really feasible for BASF," Kurt Bock said after BASF slashed its 2015 outlook on slowing growth in emerging markets and a delayed recovery in Europe.
He added that BASF remained committed to Russia despite a conflict with Ukraine that has provoked sanctions against Russia from the European Union and the United States.
"We are determined to continue to grow in Russia, it has been a very good business for BASF," he said. "We also have many customers in our chemicals business there who are very concerned at this point in time... We must reassure them all the time." (Reporting by Ludwig Burger; Editing by Georgina Prodhan)
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