BASF (OTCQX:BASFY) -2.7% in Frankfurt trading Thursday after cutting its dividend and raising the possibility of splitting off some businesses, in a broad corporate overhaul that could include further plant closures in Germany as it grapples with weak demand in Europe.

German chemicals giant BASF on Thursday lowered its dividend proposal for the 2024 business year to at least 2.25 euros ($2.51) per share as part of its new corporate strategy.

Shares of BASF (ETR: BASFN) were down on Thursday after it announced a reduction in its dividend, proposing a minimum annual payout of €2.25 per share for the 2

German chemicals giant BASF said Thursday it would focus on cost cutting and strengthening its "core businesses" in the years ahead as it unveiled details of a major overhaul.

BASF SE will cut its dividend and hive off assets as part of a broad overhaul that could involve further plant closures in Germany to counter high energy prices and a persistent slump in China.