Abu Dhabi's Oil Titan Ponders Wintershall Deal
News swirls around a potential sale of German oil giant Wintershall Dea, with oil titan Adnoc from the United Arab Emirates examining a takeover bid. The Emirati company, known for its global expansion aspirations, has reportedly been eyeing a purchase of Wintershall for some time, according to Bloomberg, citing sources close to the project.
BASF, Wintershall Dea's primary shareholder with a 73% stake, has reportedly discussed a potential sale with advisors. The remaining stake is held by the LetterOne investment company, controlled by Mikhail Fridman. British oil and gas group Harbour Energy is also rumored to be among the interested parties, though neither Adnoc, BASF, nor Wintershall Dea had issued any comments, as reported by Bloomberg.
Wintershall Dea recently recorded a net loss of €535 million, following its decision to discontinue operations in Russia – which previously accounted for around half of total production. The company is now undergoing cost-cutting measures, as around 2,000 jobs worldwide are put on the line, with an estimated 300 positions in Germany affected.
Adnoc has been actively pursuing growth opportunities, having previously made a €1 billion offer for Leverkusen-based plastics group Covestro, and holding talks with Austrian OMV concerning a potential merger of their petrochemicals divisions, Borealis and Borouge. The Arab giant's acquisition appetite extends to Africa as well.
While there's no recent confirmation of Adnoc's intentions regarding a takeover of Wintershall Dea, interested parties around the globe remain active in takeover and merger talks involving the German oil giant.
(Source: ntv.de)
Recent deals and acquisitions in the industry have seen Harbour Energy complete its acquisition of the Wintershall Dea asset portfolio, significantly boosting the British company's production and reserve life.
(Enrichment Data)
It's essential to refer to recent financial news and press releases from both Harbour Energy and ADNOC for the most up-to-date and accurate information on this potential takeover bid.
