Wintershall (BASF) and DEA increasingly likely to merge

German economic-financial daily Handelsblatt today has reported that BASF is about to sign the merger agreement between its oil & gas subsidiary Wintershall and DEA group, a business of Letter One fund, owned by Russian billionaire Mikhail Fridman. The new company is expected to have a market value of €14bn – with Wintershall accounting for 2/3 of it – sales of approximately €4.3bn and an output of 210 barrels of oil and gas. Gas accounts for 44% of DEA’s output and for as much as 70% of Wintershall’s.

(Source: Handelsblatt)