(Reuters) - Germany's top chemical maker BASF SE has asked banks to pitch for a potential listing of its agricultural chemicals division, possibly in the United States or Germany, Bloomberg News reported on Wednesday.

The industrial heavyweight is undergoing a massive restructuring program aimed at reducing annual costs by over 2 billion euros in Europe, as the industrial outlook for Germany worsens.

A potential listing could happen in the United States or Germany with BASF expected to engage advisers in the coming weeks, the report said, citing people familiar with the matter.

BASF declined a Reuters' request for comment.

The company's agricultural chemicals unit reported sales of about 10 billion euros ($10.40 billion) in 2023, competing with Bayer, Corteva and China's Syngenta.

In September last year, BASF disclosed plans to pursue a partial listing of its agricultural chemicals business, citing that the market had underestimated the unit's earnings prospects within the group.

The chemical maker would also consider strategic options for its coatings business, which could include a potential joint venture or a different owner, CEO Markus Kamieth had told BASF staff on a global call, the recording of which was made available to Reuters.

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