UPDATE: BASF confirms talks on Wintershall, Russian tycoon’s DEA merger
(Adds details in headline, lede, paragraph 2)
MOSCOW, Nov 24 (PRIME) -- German chemicals producer BASF has confirmed that it is negotiating a merger of its affiliate Wintershall and DEA Deutsche Erdoel owned by LetterOne (L1) of Russian businessman Mikhail Fridman, BASF said in a statement on Friday.
BASF will have a majority stake in the merged company. It also plans to hold an initial public offering (IPO) of the company in the medium term, BASF said.
Earlier on Friday, Bloomberg reported citing sources that the value of the merged company, in which BASF may get over 66%, can exceed U.S. $12 billion.
According to the sources, the companies plan to reach a deal in several weeks or even days.
End
24.11.2017 17:43