BASF confirms discussions with Letter One
| Subj: Press-releses
BASF is in discussions regarding a potential merger of BASF Group’s oil and gas activities with Letter One’s oil and gas activities bundled in the DEA Group. BASF would hold the majority of the 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 consummated.
BASF’s oil and gas activities are bundled in the Wintershall Group. Wintershall focuses on exploration and production in oil and 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. For the full year 2016, net sales of the Oil & Gas segment of the BASF Group amounted to around €2.8 billion, EBITDA was around €1.6 billion and EBIT around €500 million.
BASF does not intend to make any additional comments on this matter at this time.