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UK-BASF-RESULTS-BUYBACKS:BASF CEO says does not plan to revive share buyback programme
Reuters Kurt Bock, CEO of German chemical company BASF, attends the annual news conference in Ludwigshafen February 24, 2012. REUTERS/Alex Domanski

LUDWIGSHAFEN, Germany (Reuters) - BASF's Chief Executive Kurt Bock told Reuters insider TV that, unlike its largest U.S. rivals, the German diversified chemicals group does not plan to revive its share buyback programme and rather invest in new plant and equipment.

"We pay a handsome dividend and then the money is being spent, frankly," Bock said. "We are rightly leveraged, there is little money left for buybacks."

Between 1999 and 2008, BASF purchased about 10 billion euros ($13.7 billion) worth of its own stock.

BASF's largest U.S. rivals Dow Chemical Co and DuPont last month sought to boost shareholder value with share buy-back programmes after posting forecast-beating quarterly earnings.

Bock also said the group would continue to focus on smaller merger and acquistion deals.

"One billion euros is about the size we can digest relatively quickly," Bock said, adding, "You might continue to see these types of investments, which are essentially technology driven." ($1 = 0.7285 euros)

(Reporting by Ludwig Burger, editing by Edward Taylor)