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Digital Command Center at Adnoc's Abu Dhabi Headquarters
Photo: SATISH KUMAR / REUTERS
According to a media report, the oil company Adnoc from the Emirate of Abu Dhabi is considering a takeover offer for the oil company Wintershall Dea, which is controlled by BASF. The Arab company has been considering a purchase offer for Wintershall for some time, the Bloomberg agency reported, citing people familiar with the project. The German company could be valued at more than ten billion euros.
BASF, for its part, has discussed with advisors a sale of its 73 percent stake in Wintershall. The remainder of Wintershall is held by investor Mikhail Fridman's investment company LetterOne. The British oil and gas company Harbour Energy is also among the interested parties that have examined Wintershall Dea, the agency reported.
Adnoc and BASF declined to comment, according to the report. Wintershall could not immediately be reached for comment. Harbour Energy also declined to comment.
Nevertheless, the prospect of the billion-dollar sale caused a sensation on Friday morning. On Tradegate, the shares rose by 1.4 percent to 44.44 euros. This is likely to continue the recent swing around the 44 euro mark. "The rumour mill is buzzing about an interest in Wintershall Dea," said one trader. This is because a sale of the subsidiary is to be completed in the coming year. The year 2024 could be a year of monetization of values for BASF, and the price for Wintershall Dea could be higher than its book value.
Adnoc is currently making a name for itself with efforts to expand its global presence with spectacular acquisitions. These include a multibillion-euro takeover bid for the Leverkusen-based plastics group Covestro and talks with Austria's OMV about a merger of its petrochemical divisions Borealis and Borouge. In addition, the oil multinational is looking for acquisitions in Africa.
mik/Reuters