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Issue 2, 2018 - BASF and LetterOne sign a letter of intent to merge oil and gas assets

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

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BASF and LetterOne signed a letter of intent
to merge oil and gas assets with LetterOne, planning to merge their respective oil and gas businesses Wintershall and DEA to form a joint venture called WintershallDEA, which is expected to be completed
in the second half of 2018.

Based on the valuation of the oil and gas exploration and development business, BASF will hold a 67% stake in the joint venture and determine the chief executive officer (CEO) of the new company.
LetterOne will hold the remaining 33 percent to determine the deputy
chief executive officer (VCEO).
Wintershall's natural gas transportation business is not included in the valuation
.
Upon completion of the merger, WintershallDEA will issue mandatory convertible bonds to BASF at the valuation of the business, which will be converted into shares in the joint venture after three years, at which time BASF's shareholding in the joint venture will increase
.

BASF and LetterOne sign a letter of intent to merge oil and gas assets

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