BASF has announced that its Wintershall unit is in talks to merge with Letter One’s oil and gas activities in the DEA Group.
System.NullReferenceException: Object reference not set to an instance of an object. at TechnicalLabs.Libraries.UmbracoV76Helpers.Images.ImageHelpers.GetImageFromMediaIdWithFocalPoint(Int32 mediaId) at ASP._Page_Views_Partials_grid_technicallabs_media_cshtml.Execute() in C:\Websites\Production\IChemE\TheChemicalEngineer\Website\Views\Partials\grid\technicallabs\media.cshtml:line 43 at System.Web.WebPages.WebPageBase.ExecutePageHierarchy() at System.Web.Mvc.WebViewPage.ExecutePageHierarchy() at System.Web.WebPages.WebPageBase.ExecutePageHierarchy(WebPageContext pageContext, TextWriter writer, WebPageRenderingBase startPage) at Umbraco.Core.Profiling.ProfilingView.Render(ViewContext viewContext, TextWriter writer) at System.Web.Mvc.Html.PartialExtensions.Partial(HtmlHelper htmlHelper, String partialViewName, Object model, ViewDataDictionary viewData) at ASP._Page_Views_Partials_grid_technicallabs_base_cshtml.Execute() in C:\Websites\Production\IChemE\TheChemicalEngineer\Website\Views\Partials\grid\technicallabs\base.cshtml:line 19
The German chemicals group says that it would hold the majority of the shares in the joint enterprise, and that an Initial Public Offering (IPO) would be an option in the medium term.
BASF’s announcement follows reports from Bloomberg News that talks were underway. The news group also says that the combined entity could be valued at more than €10bn (US$12bn), citing people familiar with the talks.
In a statement, BASF said: “The outcome of the discussions is open and there is no assurance that any transaction will be consummated.”
Germany-based exploration and production company DEA was acquired by L1 Energy, an investment company owned by Russia’s sixth-richest man Mikhail Fridman, from German utility RWE for €5.1bn in 2014.
In 2016, net sales of the Wintershall oil and gas segment of BASF were €2.8bn, with operating earnings of €500.
Catch up on the latest news, views and jobs from The Chemical Engineer. Below are the four latest issues. View a wider selection of the archive from within the Magazine section of this site.