Following a string of takeovers in Europe and the United States, BASF continues having a hard time finding suitable targets in Asia, the German company's biggest growth market.

"We would like to carry out more acquisitions in Asia, but that is easier said than done," said Kurt Bock, slated to take over as chief executive of the world's largest chemical company on Friday.

"Over the next few years Asia will account for more than half of the growth in the chemical industry," he told reporters at the group's Ludwigshafen headquarters.

In the last two years BASF has bought Germany's Cognis, a maker of additives for household products, and Swiss rival Ciba, which turned BASF into the largest maker of additives for plastics and one of the biggest suppliers of paper chemicals. Larger deals prior to that included the construction chemicals unit of Germany's Degussa and the U.S. maker of catalytic converters Engelhard.

BASF, whose products range from catalytic converters to coatings for cars and insulation foams, is looking to further expand and upgrade its main Chinese site in Nanjing and in December earmarked an additional $1 billion in investments there. The site is part of a joint venture with China's Sinopec.

BASF has said it is aiming for sales in Asia to increase 7% to 8% a year to reach €20 billion by 2020. Overall, takeovers are less of a priority while BASF continues to integrate Cognis, Bock said.

"That keeps us busy for now," he said, but added that the group will keep its powder dry in case an attractive target comes to market.
"When an opportunity emerges, BASF has always been able to make a decision."

Bock also indicated that the group's previous bullish outlook for the global chemical industry remained valid.

"What we are seeing today does not contradict what we said eight weeks ago."

BASF said at the end of February that global chemical production excluding pharmaceuticals was set to rise 5.2% this year.

Bock also said the group has no plans to hive off further businesses for now, after agreeing to transfer parts of its styrenics business into a joint venture with unlisted British group Ineos in November.

"After several measures in the last few years ... the portfolio is in good shape. There is no immediate need for action," Bock said.