BASF mandates banks for planned agricultural business listing (updated)
UPDATE 1-BASF mandates banks for planned agricultural business listing Adds details in paragraph 2, context in paragraphs 3 and 4
Sept 14 (Reuters) - BASF BASFn.DE said on Monday it had mandated Citi, Deutsche Bank, Goldman Sachs and J.P. Morgan as global coordinators for the planned listing of its Agricultural Solutions business.
The German chemicals company targets to be ready for an initial public offering of the business by mid-2027, but no final decision has yet been made regarding the execution or timing, it added.
BASF said in November it was targeting the Frankfurt Stock Exchange as the listing location for the unit, which competes in seeds and pesticides with Bayer BAYGn.DE, Corteva CTVA.N and China's Syngenta.
The listing is part of a broader restructuring plan by CEO Markus Kamieth to overhaul the company and cut costs.
(Reporting by Emanuele Berro in Gdansk
Editing by Linda Pasquini)((Emanuele.Berro@thomsonreuters.com; +48 587696510))
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