September 27, 2018 / 9:12 PM / 21 days ago

Germany's DEA and Letterone merge oil and gas businesses

Sept 27 (Reuters) - Chemicals group BASF and DEA Group shareholder LetterOne signed a merger agreement to combine their respective oil and gas businesses to create an independent European oil and gas company, the companies said.

The new company called Wintershall DEA will be headquartered in Kassel and Hamburg and will seek to list itself through an initial public offering, BASF said.

The new independent company will be led by the Chief Executive of Wintershall Mario Mehran and Maria Moraeus Hanssen, CEO of DEA will be the deputy CEO and Chief Operating Officer of the joint venture.

Reporting by Mekhla Raina in Bengaluru, Editing by William Maclean

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