German Chancellor Olaf Scholz said he would not represent the Social Democratic Party of Germany in coalition talks with the Christian Democratic Union, which won the election, according to Bild and tagesschau.

The CEO of German chemicals group BASF, which is undergoing a massive restructuring programme to cut costs as Germany's economic falters, joined those calling for a quick agreemen

Election winner Friedrich Merz said on Friday he was open to reforming Germany's legally prescribed spending limits as his conservatives started exploratory talks on forming a coalition with outgoing Chancellor Olaf Scholz's Social Democrats.

Friedrich Merz, the leader of the Christian Democrats, has ruled out a coalition with the far-right Alternative for Germany (AfD) party, which finished second in last week's elections. View on euronew

Germany's conservative bloc and the Social Democrats (SPD) have started exploratory talks aimed at forming a new government coalition, following Sunday's federal election. Leading party representatives gathered in a parliament building on Friday morning.

Senior figures from Germany's conservatives and the Social Democrats will begin exploratory talks on forming a coalition government on Friday, sources at the parties told Reuters. Friedrich Merz, leader of the conservative bloc which came first in Sunday's election,

Such talks often drag on for weeks if not months in Germany, but Merz is in a hurry to reach a deal with Europe's biggest economy facing economic malaise and an upheaval in relations with the U.S.