Energy - British oil company Harbour to take over Wintershall Dea
The British oil company Harbour Energy wants to take over the BASF subsidiary Winterhall Dea. An agreement has been signed between BASF, the other Wintershall owner LetterOne and Harbour to merge the businesses, the Ludwigshafen-based chemical company announced on Thursday.
BASF holds 72.7 percent of the oil and gas company and LetterOne 27.3 percent. The two owners are to receive a total of 2.15 billion dollars and a share in the combined company. BASF's cash share will be 1.56 billion dollars. The Ludwigshafen-based company is to receive a 39.6 percent stake in the merged company. The transaction values Wintershall Dea at around 10.2 billion euros. The deal is expected to be completed in the fourth quarter of 2024.
The agreement provides for the transfer of the production and development business as well as exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya, Egypt and Denmark and licenses for the capture and storage of carbon dioxide.
The Russian-related business will be excluded, the legal separation of which is being driven forward according to BASF. BASF and LetterOne will remain the owners of this company. The business reportedly includes shares in the joint ventures in Russia, a stake in Wintershall in Libya, Wintershall Noordzee in the Netherlands and Nord Stream.
Announcement
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- Harbour Energy, a prominent British Oil company, is planning to acquire the BASF subsidiary, Wintershall Dea.
- The merger of Wintershall Dea, which BASF owns 72.7% and LetterOne 27.3%, is anticipated to be worth a total of 2.15 billion dollars and a stake in the combined company.
- Following the agreement, Harbour Energy will take control of the production and development business, as well as exploration rights in various countries, such as Norway, Argentina, Germany, Mexico, Algeria, Libya, Egypt, and Denmark.
- However, the Russian-related business, including shares in joint ventures and a stake in Wintershall in Libya, will be excluded from the merger, as BASF and LetterOne continue to be its owners.
- The German oil and gas company, BASF, is headquartered in Ludwigshafen, and the deal values Wintershall Dea at approximately 10.2 billion euros.
- BASF's Russian-connected ventures, like Wintershall Noordzee in the Netherlands and Nord Stream, are not part of the sale, as the legal separation of these business components is currently underway.
Source: www.stern.de
