DUESSELDORF, Germany, Sept 26 (Reuters) - BASF, the world’s largest chemicals maker by sales, continues to struggle to find suitable companies for sale in the world’s fastest growing countries, its chief executive said on Wednesday.
“It is fair to say that buying companies in emerging markets is difficult,” CEO Kurt Bock told an auditorium at a business conference in Duesseldorf.
“The owners in many emerging markets say: ‘Why should I sell when we are growing at such a rate?'. Then again, some owners think in dynastic terms,” the CEO added.
BASF last week agreed to buy U.S. crop protection company Becker Underwood for $1.02 billion to boost its farming pesticides division, in the largest deal since its 2010 acquisition of Germany’s Cognis, which makes additives for household products.
Larger companies it had acquired earlier were based in Switzerland and the United States. (Reporting by Ludwig Burger)