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BASF says to review dividend policy in February

FRANKFURT, Oct 28 (Reuters) - BASF, which has seen earnings knocked by the coronavirus pandemic, said it would take until February to review its dividend policy of topping up payouts to investors every year as it needs more clarity on long-term earnings prospects.

BASF executives said in a media call on Wednesday on third-quarter results that cash flow does not always have to exceed the dividend payout but there would have to be a long-term balance.

Chief Executive Martin Brudermueller said in July that BASF would review its dividend policy as well as a longer-term target of an increase in adjusted core earnings by 3%-5% annually.

This year’s payout of 3.30 euros ($3.90) per share for the 2019 business year marked BASF’s tenth consecutive annual dividend increase.

$1 = 0.8461 euros Reporting by Ludwig Burger; editing by Thomas Seythal