UK-based North Sea-focused Harbour Energy is to take over most of the upstream assets of Germany’s Wintershall Dea including those in Egypt and Algeria in a complicated cash and shares transaction. The deal will see Wintershall’s existing shareholders take a majority stake in the enlarged Harbour as the London-listed firm more than doubles its working interest output to 515,000 boe/d.
German chemicals giant BASF, Wintershall’s dominant shareholder with 72.7%, says in its 21 December release that the deal marks a “major step towards achieving its announced strategic goal to exit the oil and gas business.” (CONTINUED - 399 WORDS)