BASF Confirms Talks to Merge Oil & Gas Activities with Letter One
BASF SE said that it is in discussions regarding a potential merger of BASF Group’s oil & gas activities with Letter One’s oil & gas activities bundled in the DEA Group.
BASF would hold the majority shares in the joint enterprise. An initial public offering (IPO) of the joint enterprise would be an option in the medium term. The outcome of the discussions is open and there is no assurance that any transaction will be completed, the company said.
BASF’s oil & gas activities are bundled in the Wintershall Group. Wintershall focuses on exploration and production in oil & gas-rich regions in Europe, North Africa, Russia, South America and the Middle East.
Together with Gazprom, the company is also active in the transport of natural gas in Europe.
BASF does not intend to make any additional comments on this matter at this time.
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