The Strategist

LetterOne, BASF create Europe's largest oil and gas company


05/03/2019 - 04:34



DEA AG, a member of the investment giant Letter One, has completed its merger with Wintershall, a subsidiary of the German BASF concern. This is stated in the message of the combined company Wintershall Dea. The final integration of assets is expected to be completed during the year. At this time, Wintershall Dea will be managed from two headquarters - in German Kassel and Hamburg.



LetterOne, BASF create Europe's largest oil and gas company
As a result of the merger LetterOne received 33% of Wintershall Dea, and BASF owns 67%. In exchange for oil and gas assets, the German concern will also receive preferred shares, which it can convert to ordinary for three years and increase its stake in Wintershall Dea to 72.7%.

The combined company is the largest oil and gas player in Europe. Wintershall Dea also owns assets in Russia, Latin America and Africa. The company's proven reserves are 2.4 billion barrels of oil equivalent, which is enough for 11 years. “Our roots are in Germany, our home is Europe, our activity is global,” says a message of Mario Mehren, Chairman of the Board of Directors and Head of Wintershall Dea. In Germany, the company operates a network of gas pipelines with a length of about 2,400 km, it also owns a 15.5% stake in Nord Stream AG, the operator of Nord Stream gas pipeline under the Baltic Sea.

source: forbes.com




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