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Issue 19/2018 - BASF expands its business in subsidiaries

 Last Update: 2022-11-11
 Source: Internet
 Author: User

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BASF and LetterOne announced
on September 27 that they have signed an agreement to merge their oil and gas businesses to create a joint venture called Wintershall DEA
.

The transaction was completed in the first half of 2019, subject to approval
by the M&A regulator and the German Federal Network Agency.
The joint venture plans to increase the average daily oil and gas production to 750,000~800,000 barrels of standard oil
from 2021 to 2023.
BASF aims to achieve synergies of at least EUR 200 million per year
within three years of the transaction.
BASF will initially hold a 67% stake in the joint venture, with LetterOne holding the remaining shares
.

In addition, BASF has recently started a phased increase in capacity at its alkoxylation plant in Antwerp, Belgium, and expects to increase alkoxylates by 25 percent
by 2021.
The first additional capacity will start production
as early as the third quarter of 2018.

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