BASF SE and LetterOne Group have signed a letter of intent to merge their respective oil and gas businesses in a joint venture (JV), which would operate under the name Wintershall DEA.
The oil and gas business of BASF is bundled in the Wintershall Group consisting of Wintershall Holding GmbH and its subsidiaries, including the gas transportation business. The oil and gas business of LetterOne comprises DEA Deutsche Erdol AG and its subsidiaries.
Closing could be expected in the second half of 2018.
By combining these two German-based entities, their parent companies strive to create a basis for further profitable growth, optimize the portfolio footprint of the combined business and realize synergies.
BASF SE and LetterOne Group have signed a letter of intent to merge their respective oil and gas businesses in a joint venture (JV), which would operate under the name Wintershall DEA.
The oil and gas business of BASF is bundled in the Wintershall Group consisting of Wintershall Holding GmbH and its subsidiaries, including the gas transportation business. The oil and gas business of LetterOne comprises DEA Deutsche Erdol AG and its subsidiaries.
Closing could be expected in the second half of 2018.
By combining these two German-based entities, their parent companies strive to create a basis for further profitable growth, optimize the portfolio footprint of the combined business and realize synergies.
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