BASF unveils new plans for Whiteshall division (Oil&Gas)

The Germany-based chemical giant BASF announced on Friday that it plans to merge its Whiteshall oil & gas division with competitor DEA, then to list the new company resulting from the merger. Whiteshall is valued by experts at a minimum of €12bn, while DEA was acquired in 2015 by Russian billionaire Mikhail Fridman – through the LetterOne fund – from Germany-based RWE for €5.1bn. DEA last year yielded a revenue exceeding €2.8bn, with an EBIT of approximately €500m. BASF’s shares rose 2.9% (Frankfurt) soon after the merger was announced by the Ludwigshafen-based group’s top management.

(Source: Handelsblatt)