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Latest Investor Releases
Sale of E&P business of Wintershall Dea to Harbour Energy completed
Following the approval by all relevant authorities, Wintershall Dea’s exploration and production (E&P) business excluding Russia-related activities was transferred to Harbour Energy plc (Harbour) on September 3, 2024; it consists of producing and development assets as well as exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt and Denmark (excluding Ravn) as well as Wintershall Dea’s carbon storage (CCS) licenses. In exchange, the shareholders of Wintershall Dea – BASF (72.7%) and LetterOne (27.3%) – received total cash consideration of $2.15 billion (BASF share: $1.56 billion) and new shares issued by Harbour equating to a total shareholding in the enlarged Harbour of 54.5% (BASF share: 39.6%). The agreed enterprise value for the Wintershall Dea assets amounts to $11.2 billion. This amount includes the outstanding bonds of Wintershall Dea with a nominal value of around $4.9 billion that were also transferred to Harbour at closing.
BASF drives forward structural adjustments at the Ludwigshafen site and closes production plants for adipic acid, CDon and CPon
BASF will end the production of adipic acid, cyclododecanone (CDon) and cyclopentanone (CPon) at the Ludwigshafen site. The production plant for CDon and CPon will be shut down in the first half of 2025 and the remaining adipic acid production in Ludwigshafen will be closed in the course of 2025. The company has taken this decision as part of the ongoing strategic review of its production setup at the Ludwigshafen site to ensure competitiveness under changing market conditions.