BASF and LetterOnehave signed an agreement of oil and gas asset pooling. The united Wintershall DEA to be createdin the first half of 2019.
The German concern BASF and LetterOne, owned by Russia’s billionaire entrepreneur Mikhail Fridman, have agreed to merge their oil and gas assets. The agreement, which both companies reported on Thursday, September 27, provides for the creation of a joint venture, which will include their subsidiaries Wintershall and DEA.
The transactionis expected to be close in the first half of 2019. The new company will go by the name Wintershall DEA.BASF said it would initially hold 67 percent of shares in the joint venture, and Luxembourg-basedLetterOne would hold 33 percent.There are plans for Wintershall DEAto be listed on the stock exchangein the medium term.
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