Group 1 - Berenberg downgraded BASF Group's rating from "Hold" to "Sell" [1] - The target price for BASF was reduced from €44 to €37 [1]

Core Viewpoint - BASF has reached a binding agreement to sell the majority stake of its coatings business to a global investment firm, Carlyle Group, and Qatar Investment Authority for an enterprise value of €7.7 billion, expected to be completed by Q2 2026 [1] Group 1: Transaction Details - The transaction involves BASF's automotive original equipment manufacturer (OEM) coatings, automotive refinish coatings, and surface treatment business [1] - The total valuation of BASF's coatings business, including previously divested decorative coatings, is projected to be €8.7 billion [1] - Post-transaction, BASF will retain a 40% stake in the coatings business and will receive approximately €5.8 billion in pre-tax cash proceeds [1] Group 2: Business Overview - BASF's coatings business includes advanced solutions for automotive OEM coatings, automotive refinish coatings, and surface treatment products for metal, plastic, and glass substrates across various industries [1] - The business has a geographical presence in Europe, North America, South America, and Asia-Pacific, with projected sales of approximately €3.8 billion in 2024 [1] Group 3: Strategic Implications - This transaction is a significant step in BASF's "Winning with Purpose" corporate strategy aimed at unlocking the value of its "self-managed" businesses [1] - BASF plans to collaborate closely with Carlyle to enhance customer orientation and support the future development of the coatings business through ongoing investments in commercial operations, innovation projects, and organizational structure [1]

Core Insights - BASF has entered into a binding agreement with Carlyle Group and Qatar Investment Authority (QIA) for the sale of its automotive coatings and surface treatment business, valued at €7.7 billion (approximately ¥63.44 billion), expected to close in Q2 2026 [2] - This transaction follows the sale of BASF's decorative coatings business in Brazil, Suvinil, and together, these projects value BASF's entire coatings division at €8.7 billion, with an enterprise value multiple of approximately 13 times [2] - The sale is part of BASF's strategic initiative to unlock value from its "self-owned business," while retaining a 40% stake in the coatings business and receiving about €5.8 billion in pre-tax cash proceeds upon completion [2] Business Operations and Future Plans - Carlyle will collaborate closely with BASF's management to enhance customer orientation and support the future development of BASF's coatings business through continuous investment in operational capabilities and innovation [3] - On October 8, BASF announced the launch of a new production line at its facility in Dilovası, Turkey, aimed at producing low VOC dispersions for construction coatings, addressing the growing demand in Turkey, the Middle East, and North Africa [3] - The new production line will utilize green electricity and a quality balance approach to reduce carbon footprint [3] Strategic Restructuring - BASF is simultaneously divesting from large-scale but potentially slow-growing or highly competitive end markets while concentrating resources on higher-margin specialty chemicals and green technologies [4] - The company is enhancing the resilience of its coatings raw material supply chain through expansions and upgrades at various sites in China, including Zhanjiang, Shanghai, Nanjing, and Chongqing [4]

PresentationStefanie WettbergSenior Vice President of Investor Relations Good afternoon, ladies and gentlemen. On behalf of BASF, I would like to welcome you to our conference call on the Coatings Transaction, BASF and Carlyle announced today. Besides analysts and investors, journalists have joined the call. In the first part of the Q&A, we will address questions from financial market participants. We will then move on to questions from attending media participants. During the media Q&A, we are happy to swi ...

Core Insights - The international beauty raw material companies are facing significant challenges in 2025 due to global economic fluctuations and unfavorable currency exchange rates, which have become the primary obstacle to growth [2][5] - Despite some growth in the beauty and personal care sectors, these companies are encountering new competitive pressures in the Chinese market, prompting a focus on innovation driven by scientific research [3][11] Financial Performance - The financial reports for the first half of 2025 show varying degrees of performance among international raw material companies, with overall sales and EBITDA experiencing fluctuations [5][6] - For instance, BASF reported a slight decline in overall sales by 1.48% but a growth of 3.6% in beauty raw materials, while DSM-Firmenich saw a 3.37% increase in overall sales but a decline in beauty raw materials by 0.89% [6] Market Trends - The Chinese market is viewed as a key opportunity for international raw material companies, despite increasing competition, as consumer preferences shift towards scientifically validated ingredients rather than trendy components [11][12] - The trend towards "scientific skincare" is pushing companies to develop active ingredients with clear scientific backing and clinical validation [14][21] Innovation and R&D - Companies are investing in advanced technologies and innovative ingredients tailored to the unique demands of the Chinese market, such as neurocosmetics that address emotional well-being and skin health [17][18] - The rise of neurocosmetics is evident, with a significant increase in products that offer emotional benefits, reflecting a shift in consumer focus from mere efficacy to sensory experiences [19][20] Strategic Approaches - International raw material companies are adopting a long-term approach to innovation, emphasizing foundational research and the development of a comprehensive scientific framework for their products [21][24] - Companies like DSM and Clariant are localizing their R&D efforts in China, aiming to create products that resonate with local consumer needs while building a robust scientific communication framework [26][27]

巴斯夫的涂料业务并非边缘资产，其在全球市场占据着重要地位。该部门业务涵盖汽车OEM涂层、汽 车翻新涂料、表面处理等，2024年销售额达到约38亿欧元（约合人民币314.57亿元）。 在下游房地产等行业持续低迷的背景下，涂料业务正频繁成为化工巨头们业务重组的对象。例如，特种 化学品生产商赢创也在去年10月宣布，将对旗下涂料业务进行重组，考虑选项包括出售或成立独立部 门。 据透露，巴斯夫可能会保留少数股权作为任何协议的一部分，预计在今年第四季度做出最终决定。此举 若成功，不仅将成为今年欧洲规模最大的工业收购案之一，也将引发市场对全球涂料产业格局重构的关 注。 这一潜在的业务出售是巴斯夫长期战略调整的结果。面对欧洲高昂的能源成本与全球化工需求疲软的双 重压力，巴斯夫近年来启动了一系列业务优化组合措施。 在涂料业务方面，2023年12月，巴斯夫计划分拆其涂料业务，以提高盈利能力。次年，在其"制胜有 道"全新战略中，巴斯夫将涂料业务归为非核心业务并计划出售。2025年2月，该公司宣布以11.5亿美元 的价格将其巴西装饰涂料业务出售给宣伟，并于10月完成了最终交易。 德国化工巨头巴斯夫涂料业务或已找到买家。 据《金融时报 ...

【DT新材料】 获悉， 10月8日， 2025年诺贝尔化学奖授予Susumu Kitagawa、Richard Robson、Omar M. Yaghi， 以表彰其金属有机框架材 料开发。 这是新材料界的一次"狂欢"。由于独特的结构，MOF在很多领域具有应用潜力， 在过去的二十年，MOFs开发了许多新功能并显示出优越性能 ， 一 直是学术界的热门材料 。 但高昂的合成成本限制了其大规模的生产和应用，另外，MOFs粉末的再加工也会对MOFs的性能产生一定影响（孔洞堵 塞、晶体结构坍缩等），使得MOF的工业化应用面临一定挑战。 MOF这次收到诺奖认证，产业化或将加速。 据悉，2023年10月10日， 巴斯夫 宣布成为首家成功实现商业化规模生产金属有机骨架（MOFs）的公 司，年产量可达数百吨。 几乎同步， 广东碳语新材料有限公司 官宣实现金属有机骨架材料（MOFs）的量产，成为 国内第一家实现MOFs量产的科 技创新型企业。 点击阅读： 全球首家！巴斯夫，又一新材料量产！ 继巴斯夫，国产 MOF 实现量产！ 更多关于MOF的信息，下面一文读懂（转载自 碳语新材 ）。 MOF 的全称为"Metal organic ...

【DT新材料】 获悉， 继9月24日宣布退出亚硫酸氢盐业务并将关闭位于路德维希港的相关生产设施后， 近日， 巴斯夫 宣布两大业务出售。 点击阅读 ： 四大化工巨头，再关停、出售 首先是，向宣伟出售其巴西装饰涂料业务 巴斯夫 巴西装饰涂料业务出售给 宣伟 的交易已于2025年10月1日完成，在现金和无债务的基础上，收购价格为11.5亿美元 （约81.87亿元人民币） 。 这是2025年全球涂料行业单笔金额最大的并购案， 包括Dem archi和 Jaboatão 的 生产基地、相关合同以及Suvinil和 Glasu! 品牌，以及大约1000名员 工。 据悉，巴斯夫装饰涂料业务在2024年的销售额约为5.25亿美元，是其唯一的大型B2C业务，几乎完全在巴西运营，与巴斯夫其他涂料业务协同效应有 限。 而对于全球涂料龙头 宣伟 来说，通过 此次收购，规避了自建体系所需的漫长时间， 以资本换时间的策略，是进军新兴市场的典型路径。 据悉，宣伟 2024年建筑涂料销售收入超过第二名 立邦 与第三名 阿克苏诺贝尔 之和。 其次是，向LDC出售食品与健康功能成分业务 巴斯夫 宣布，与 Louis Dreyfus Compan ...

Core Insights - BASF Agricultural Solutions Canada has launched the Fields of Purpose program aimed at enhancing rural impact through community-led initiatives that support Canadian growers and retailers [1][2] - The program focuses on donating 100% of crops grown by local growers to benefit rural communities and organizations, emphasizing the importance of community involvement [1][3] Financial Contributions - In 2025, BASF contributed $100,000 in seed and crop protection products to support charitable fields, ensuring maximum yield and crop quality [2] - The program supported 36 initiatives across Alberta, Saskatchewan, Manitoba, and Ontario, showcasing BASF's commitment to community engagement [2] Community Engagement - The Leduc & District Growing Project, which has been active for 20 years, exemplifies the program's impact, with all inputs and labor for seeding and harvesting donated [3] - Funds generated from the sale of crops are directed to the Canadian Food Grains Bank, highlighting the program's role in addressing food security [3] Company Overview - BASF Agricultural Solutions Canada employs over 625 individuals across three production facilities and several research farms, positioning itself as a leader in agricultural research and product development [5] - The division generated sales of €9.8 billion in 2024, reflecting its significant role in the agricultural sector [6] Sustainability Commitment - BASF is dedicated to integrating sustainability into its business decisions, investing €919 million in R&D in 2024 to develop innovative agricultural solutions [6] - The company aims to combine economic success with environmental protection and social responsibility, reinforcing its commitment to sustainable agriculture [8]

据英国《金融时报》报道， 美国私募股权投资公司凯雷（Carlyle）即将以约70亿欧元（81.70亿美元或人民币582亿元）的价格收购巴斯夫（BASF）正在 出售的涂料业务。双方预计将在未来数周内正式签署协议。这一潜在交易不仅创下今年化工行业并购规模纪录，更引发市场对全球涂料产业格局重构的关 注。 该报援引熟悉出售流程的消息人士称，凯雷的出价高于其他对该部门表现出兴趣的金融投资者，目前正与总部位于路德维希港的化工巨头进行排他性谈 判。巴斯夫的这一部门拥有超过10300名员工，去年的收入为38亿欧元，主要生产汽车涂料。巴斯夫今年早些时候将该业务挂牌出售。 该公司拒绝就该报告发表具体评论。一位发言人指出，自第二季度以来，巴斯夫一直在探索该业务的战略选择，并对市场进行调查。预计将在今年年底前 做出决定。 根据路透社报道，一位知情人士周一对路透表示， 私募股权投资公司凯雷在收购德国化工企业巴斯夫涂料业务的谈判中处于领先地位。巴斯夫的一位发 言人表示，不对市场传言或猜测发表评论是公司的政策。 巴斯夫涂料部门于今年年初挂牌出售。该部门拥有超过10300名员工，主要生产汽车涂料，去年的销售额为38亿欧元。巴斯夫在第二季度开 ...