April 29, 2020 / 7:04 PM / a month ago

BASF withdraws outlook, proposes stable dividend

FILE PHOTO: A general view of the German chemical company, BASF Schwarzheide GmbH in Schwarzheide, Germany, December 10, 2019. REUTERS/Annegret Hilse

BERLIN (Reuters) - Germany’s BASF (BASFn.DE) said on Wednesday it was withdrawing its outlook for 2020 as it was impossible to estimate the length and further spread of the coronavirus pandemic but it still proposed an unchanged dividend for 2019 of 3.30 euros per share.

The world’s largest chemicals company by sales had predicted a slight gain in full-year revenue in February but warned then that earnings could drop as the coronavirus outbreak slowed down the auto industry, its largest customer group.

BASF, whose products include coatings, catalytic converters and foam chemicals, is due to publish first-quarter results on Thursday morning.

Reporting by Emma Thomasson; Editing by Chizu Nomiyama

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