The chairman of the chemical company BASF Juergen Hambrecht Photograph: (Getty)
BASF, one of the world's largest chemical producers, shrugs off competitor's step to take over Monsanto
BASF, a multi-national chemicals manufacturing corporation, based in Germany, said its business model was not affected by rival Bayer's plans to buy Monsanto. So far it has stood on the sidelines of a consolidation wave among global seeds and pesticides groups.
"We are not backed into a corner by what is happening in the market," the group's deputy chief executive Martin Brudermueller said at a press conference to present BASF's research and development efforts.
He added that BASF's crop chemicals business was highly profitable and innovative and also "not quite small".
BASF has so far focused on crop chemicals, unlike major rivals who are combining or are planning to combine seeds and chemicals businesses, also among the main motives for Bayer to seek a tie-up with Monsanto.
Bayer, one of the largest pesticides maker, last month launched a $62-billion takeover proposal for Monsanto, the market leader in seeds. Monsanto rejected the offer as too low but said it was ready to negotiate.