BERLIN (Reuters) - German chemicals group BASF said on Wednesday that its had completed the merger of oil and gas groups Wintershall and DEA and is aiming for a stock market listing of the new company in the second half of 2020.
Reuters reported last week that Wintershall DEA had picked banks to organize its flotation, which could become one of Europe’s largest listings in 2020, people close to the matter said.
BASF and LetterOne, a vehicle of Russian billionaire Mikhail Fridman which owns DEA, signed the merger deal last September. BASF said it expected the integration of the two businesses to be completed in about a year.
In 2018, the combined business of Wintershall and DEA had proforma sales of 5.7 billion euros ($6.40 billion) and a net income of 1.1 billion euros.
Wintershall DEA could be valued at 15-20 billion euros if it secures a valuation in line with peers.
BASF reiterated that Wintershall DEA aims to raise its output by 40 percent by 2023 to 800,000 barrels of oil equivalent (BOE) a day and to reap cost savings of 200 million euros per year as of the third year.
Reporting by Emma Thomasson, editing by Louise Heavens