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.

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

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.