Oil giant Adnoc examines Wintershall takeover
BASF holds a 73 percent stake in the German oil company Wintershall Dea. However, the group is looking into a sale - and could find a buyer in Abu Dhabi. According to a report, Adnoc is examining a takeover, as it did with the Leverkusen-based plastics group Covestro.
According to a report, the oil company Adnoc from the Emirate of Abu Dhabi is examining a takeover bid for the oil company Wintershall Dea, which is controlled by BASF. The Arab company, which is currently looking to expand its global presence with spectacular takeovers, has been examining a purchase offer for Wintershall for some time, the Bloomberg agency reported, citing people familiar with the project.
The German company could be valued at more than ten billion euros. BASF, for its part, had discussed a sale of its 73 percent stake in Wintershall with advisors. The remainder of Wintershall is held by the LetterOne investment company of investor Mikhail Fridman.
The British oil and gas group Harbour Energy is also among the interested parties that have examined Wintershall Dea, the agency also reported. According to the report, no comments were available from Adnoc and BASF. Wintershall could not initially be reached for comment. Harbour Energy declined to comment. Wintershall Dea was formed in May 2019 through the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG.
Wintershall Dea recently slipped deep into the red. The company reported a net loss of 535 million euros at the end of October. Following the discontinuation of its business in Russia, which recently accounted for around 50 percent of total production, the Group is on an austerity course. In September, it was announced that around one in four of the more than 2,000 jobs worldwide would be cut. In Germany, around 300 jobs are affected.
Adnoc has made a billion-euro takeover bid for the Leverkusen-based plastics group Covestro and is in talks with the Austrian OMV about a merger of its petrochemicals divisions Borealis and Borouge. The oil multinational is also looking for acquisitions in Africa.
The Arab oil company from Abu Dhabi, specifically Adnoc, has been considering a takeover of Wintershall Dea, a significant player in the oil industry owned mainly by BASF. Moreover, oil companies around the world, including Harbour Energy, have reportedly shown interest in potential takeovers and mergers involving Wintershall Dea.
Source: www.ntv.de
