BASF and Corteva Signal a New Era of Restructuring in Global Agribusiness
15 January 2026 Change has become the defining constant for global agribusiness, particularly among the industry’s largest and most influential companies. That was a central theme in a recent episode of the AgriBusiness Global Report, where Bob Trogele, CEO of ProAgInvest, joined the program to unpack why restructuring, divestments, and potential spinouts are accelerating — and what it all means for agriculture moving forward.
Trogele, who brings more than 35 years of leadership experience across the agribusiness sector, framed today’s environment as the result of converging macroeconomic, regulatory, and geopolitical pressures. “Since COVID, over the last five years, changes are constant,” he said. “That’s what we should expect as the industry adapts to a new macro environment for agriculture and a shifting business climate, depending on the country.”
One of the clearest examples of this transformation is BASF. Long known for its fully integrated chemical and agricultural operations, BASF has begun reassessing that strategy. According to Trogele, the company’s German base has created mounting challenges, particularly around regulation and energy costs. “Regulation and energy are the two main issues,” he explained. “Energy prices have gone through the roof, and the costs have gone through the roof.”
Europe’s climate policies and Germany’s historical reliance on Russian gas and oil have compounded the situation, forcing BASF to make difficult decisions. As a result, the company has been divesting some assets and is now exploring an initial public offering for its agricultural business. “That places the ag unit into a separate company where BASF will remain an investor but will also attract other investors to come in,” Trogele said.
While the BASF ag business is widely regarded as strong and well managed, Trogele noted that separation is no simple task.
“It takes a couple of years to decouple all the systems of an integrated, multi-billion-dollar organization,” he said, pointing to the complexity of disentangling shared services, contracts, governance structures, and operational sites. Still, he remains optimistic, adding, “I would bet that they’ll be highly successful when they get there.”
Corteva presents a very different restructuring story. Born out of the Dow Chemical and DuPont merger, Corteva has spent much of the last decade navigating regulatory scrutiny, integration challenges, and pandemic-related disruptions. Under CEO Chuck Magro, the company has taken decisive strategic steps, including major acquisitions such as the $1.1-$1.2 billion purchase of Stoller to build out its biologicals platform.
Today, Corteva operates across three primary platforms: seed, chemicals, and biologicals. “The seed platform, the traditional Pioneer business, is doing extremely well,” Trogele said. The chemical business, however, faces tighter margins and intense competition, while biologicals remain firmly in growth mode.
Corteva’s reported plan to separate parts of its business reflects an effort to sharpen focus and unlock shareholder value.
“They’ve decided to separate out the seed, which is their core profitability driver, from the chemical business, which is more competitive and lower margin,” Trogele explained. One unresolved question is where biologicals will ultimately land. “For me, the big question is what happens to that biological piece,” he said. “I’ve heard it may go with the chemical business, which is a very interesting play.”
From a grower’s perspective, these changes raise important considerations. Farmers increasingly want integrated solutions that combine seed, chemicals, nutritionals, and biologicals. “Growers are looking more for integrated solutions,” Trogele said. “They want a full offering brought to them.” Corteva, he noted, has historically excelled at delivering strong technology across all those areas. “They’re giving some of that up to extract shareholder value.”
Zooming out, Trogele sees these moves as part of a broader trend among top-tier agribusinesses. Whether through IPOs, spinouts, or portfolio reshaping, companies are seeking greater flexibility, access to capital, and stronger returns for investors. “This is a trend by the bigger companies to attract more shareholders, raise capital in the future, and build shareholder value,” he said.
As global agriculture continues to adapt to economic uncertainty, regulatory pressure, and evolving grower needs, the strategies of industry leaders like BASF and Corteva may offer a preview of what’s ahead. For Trogele, one thing is clear: change isn’t slowing down — it’s becoming the new normal.
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