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BRIEF-BASF and L1 Energy announce merger of oil and gas units
December 7, 2017 / 6:30 PM / 4 days ago

BRIEF-BASF and L1 Energy announce merger of oil and gas units

Dec 7 (Reuters) - BASF AND LETTERONE‘S L1 ENERGY:

* ANNOUNCE THEIR INTENTION TO MERGE THEIR OIL AND GAS SUBSIDIARIES

* WINTERSHALL DEA TO BE ONE OF THE LARGEST INDEPENDENT EUROPEAN EXPLORATION AND PRODUCTION COMPANIES, SAY BASF AND LETTERONE

* CLOSING OF WINTERSHALL DEA DEAL COULD BE EXPECTED IN THE SECOND HALF OF 2018, SUBJECT TO CUSTOMARY REGULATORY APPROVALS

* IN THE MEDIUM TERM,L1 ENERGY AND BASF INTEND TO LIST WINTERSHALL DEA THROUGH AN IPO - STATEMENT

* L1 ENERGY WILLCONTRIBUTE DEA INTO WINTERSHALL AGAINST ISSUANCE OF NEW SHARES TO L1 ENERGY

* SHALL INITIALLY HOLD 67 PERCENT AND L1 ENERGY SHALL HOLD 33 PERCENT OF WINTERSHALL DEA - STATEMENT Further company coverage: (Reporting By Douglas Busvine)

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