BASF Unfazed by German Rival's $62 Billion Takeover of Monsanto

摘要

BASF SE said it will stand by its strategy of reducing costs and streamlining its product range as a solo chemical maker even as German rival Bayer AG attempts to hammer out of $62 billion takeover of U.S. seed company Monsanto Co. "We are not driven into a corner by what is happening in the market," Deputy Chief Executive Officer Martin Brudermueller told reporters at a presentation on the company's research and development program on June 9. "With Monsanto we have a relatively well-defined cooperation." Bayer's bid for Monsanto last month was rejected, although the St. Louis-based company said it is open to further talks. The proposal to create the world's largest supplier of seeds and crop chemicals followed a wave of takeovers and combinations that have reshaped the industry, including a tie-up between U.S. giants Dow Chemical Co. and DuPont Co.