BASF has agreed to merge its oil and gas unit, Wintershall, with DEA, the energy company controlled by Russian billionaire Mikhail Fridman, in one of the largest deals in the sector for some time. The German chemicals company will control 67% in the combined entity, which would become one of the largest independent exploration and production companies in Europe. The new entity will probably sell shares in an initial public offering in "the medium term", the companies said. Fridman, Russia’s sixth-richest man, used his L1 Energy vehicle to acquire Dea Deutsche Erdoel from RWE €5.1bn ($$55 billion) in 2014.
BASF has agreed to merge its oil and gas unit, Wintershall, with DEA, the energy company controlled by Russian billionaire Mikhail Fridman, in one of the largest deals in the sector for some time. The German chemicals company will control 67% in the combined entity, which would become one of the largest independent exploration and production companies in Europe. The new entity will probably sell shares in an initial public offering in "the medium term", the companies said. Fridman, Russia’s sixth-richest man, used his L1 Energy vehicle to acquire Dea Deutsche Erdoel from RWE €5.1bn ($6bn) in 2014.