BASF Delays Wintershall Dea IPO Back on Oil-And-Gas Conditions
16 Juni 2021 - 04:46PM
Dow Jones News
By Mauro Orru
BASF SE is postponing the initial public offering of its natural
gas-and-oil subsidiary Wintershall Dea after 2021, citing current
market conditions for the sector.
The German chemicals company said Wednesday that it made the
decision along with LetterOne, a Wintershall Dea shareholder.
The IPO was slated for the second half of 2021, but BASF said
that while oil and gas prices have recovered considerably, such an
improvement isn't yet fully reflected in broker consensus
assumptions.
"Strategically, BASF remains fully committed to divest its share
in Wintershall Dea," BASF Chief Financial Officer Hans-Ulrich Engel
said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
June 16, 2021 10:31 ET (14:31 GMT)
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