(Reuters) - 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.

The proposal compares to a 2024 annual dividend proposal of 3.40 euros per share reported in February, and a 2023 dividend the same amount.

BASF said it will distribute at least 12 billion euros to shareholders between 2025-2028.

In the mid-term, BASF is committed to keeping the overall distribution to shareholders on the level of the last years through a combination of dividends and share buybacks, the group said. "In this way, BASF aims to distribute at least 12 billion euros to shareholders from 2025 to 2028."

The company also updated its financial targets and now forecasts earnings before interest, taxes, depreciation and amortization (EBITDA) before special items of 10 billion to 12 billion euros in 2028.

($1 = 0.8971 euros)