Date: 6 months ago   Category: Energy

The transaction on merge of Wintershall and Friedman's DEA will be closed in the first half of the year 2019 — Rambler News Service


The transaction on merge of the German oil and gas company Wintershall and the DEA Deutsche Erdoel AG company under control to the businessman Mikhail Friedman will be closed in the first half of the year 2019, it is said in the statement of Wintershall. As the company notes, the German concern BASF and the LetterOne company under control to the businessman Mikhail Friedman have signed the final agreement providing merging of their oil and gas divisions — Wintershall and DEA respectively — in one joint venture working under the name of Wintershall of DEA. "Closing of the transaction is expected in the first half of 2019 on condition of approval by control authorities of transactions on merge and foreign investments, such as Federal network agency of Germany. Before closing of Wintershall and DEA will continue to work as the independent companies" — it is said in the statement. In the medium term of BASF and LetterOne plan primary public placement (IPO) of DEA of Wintershall. It is expected that the joint venture will have possibilities of growth of production from 750 thousand to 800 thousand barrels of an oil equivalent a day during the period from 2021 to 2023. LetterOne will introduce all stocks of DEA Deutsche Erdöl AG in Wintershall Holding GmbH. Then Wintershall will be renamed into Wintershall of DEA. BASF will own originally 67% of common stocks of Wintershall of DEA, and LetterOne - 33%. At this BASF will in addition receive preference shares. No later than 36 months after closing of the transaction, but no later than carrying out the IPO, these preference shares will be converted into ordinary. As a result share of BASF in DEA of Wintershall will make 72,7%.

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