Mumbai: The market valuation of BASF AG is not that high that it can''''t be taken over, Juergen Hambrecht, chief executive of the world''''s largest chemicals company by sales, said in Stuttgart, Germany.

He said he expected further consolidation in the chemicals industry because the top 10 global companies controlled only about 20 per cent of the global market.

"BASF is not that big that it can''''t be taken over," Hambrecht told reporters late on Wednesday.

BASF shares were ruling at 92.80 euros, giving it a market valuation of around 45 billion euros ($67 billion).

BASF, the world''''s largest chemical producer, derived 55 per cent of total sales from European customers in the first nine months, while the remainder came from North America, Asia and Latin America, company statements show.

High oil prices have hurt BASF''''s bottom line as the company sources its main raw material for its chemicals from crude oil.

"The dollar will not move far from current levels, and the price of oil is set to stay high," he said, adding that the company''''s order backlog and incoming orders remain at ''''very high'''' levels.

Rumours had been going the rounds in the past about a possible bid from US rivals like Dow Chemicals or DuPont for the 142-year-old BASF. Dow has a market value of around $38 billion and DuPont about $40 billion.

Saudi Basic Industries Corp. (SABIC), which is worth around $112 billion, is the world''''s largest chemicals company by market value.