Despite a December merger announcement between DuPont and Dow Chemical Co., BASF SE is working with advisers and financing banks to examine the merits of making a counter bid for DuPont Co., according to a report by Bloomberg Business.

According to the report, BASF has been working with advisers since last year to explore a bid for DuPont and even held talks with the U.S. company before it agreed to merge with Dow. However, BASF hasn’t made an official decision about pursuing a merger.

BASF is the world’s third-largest producer of herbicides, insecticides and other pesticides, after Syngenta AG and Bayer AG, according to data compiled by Bloomberg. Buying DuPont would not only expand the company’s agricultural chemical portfolio, but it would also make BASF the second-largest crop seed producer.