Browse the most recent issues of Coatings World Magazine, featuring timely insights and industry-leading analysis.
Access the interactive digital version of the magazine with multimedia enhancements and exclusive online features.
Join a global community of coatings professionals—subscribe to receive the magazine in print or digital formats.
Promote your brand to decision-makers across the global coatings value chain with targeted advertising options.
Review our standards for submitting articles and technical content to ensure alignment with editorial goals.
Understand how your data is collected, stored, and used when interacting with Coatings World Magazine.
Immediate updates on significant industry developments.
News from major and regional paint and coatings producers.
Updates from raw material and equipment suppliers.
Leadership changes and notable appointments.
Mergers, acquisitions, and earnings reports across the industry.
Data-driven insights into regional and global coatings markets.
Interviews with executives, innovators, and influencers in the coatings sector.
Explore long-form articles and special reports that analyze trends, technologies, and business strategies in coatings.
Recurring editorial pieces offering expert perspectives and commentary on regulatory, sustainability, and R&D topics.
Access original interviews, Q&As, and insights that offer a deeper understanding of key industry developments.
Industry leaders weigh in on technical advancements, market challenges, and future opportunities.
Explore color trend predictions and their influence on coatings design, formulation, and application.
Profiles and rankings of the world’s leading coatings manufacturers and suppliers.
Comprehensive resource for locating suppliers of coatings materials and services.
Connect with distributors of raw materials, packaging, and equipment.
Showcase your company’s services, products, and expertise.
Look up definitions for key terms and concepts used across the coatings industry.
Full-length videos covering events, innovations, and thought leadership.
Short-form video interviews offering quick updates and takeaways.
Audio interviews and discussions with industry experts and insiders.
In-depth digital publications on coatings technologies and trends.
Research-backed documents examining industry challenges and solutions.
Informational materials highlighting products, services, and companies.
Company-sponsored articles offering valuable insights, case studies, and product applications.
Company announcements, product launches, and business developments from across the coatings sector.
Search for career opportunities in the coatings industry and connect with hiring companies.
What are you searching for?
Subject to regulatory approvals, closing is targeted for Q4 2024.
December 29, 2023
By: KERRY PIANOFORTE
Editor, Coatings World
BASF, LetterOne and Harbour Energy plc signed a business combination agreement to transfer Wintershall Dea’s E&P business consisting of its producing and development assets as well as exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt and Denmark (excluding Ravn) as well as Wintershall Dea’s carbon capture and storage (CCS) licenses to Harbour. In exchange, at closing, the shareholders of Wintershall Dea – BASF (72.7%) and LetterOne (27.3%) – will receive total cash consideration of $2.15 billion (BASF share: $1.56 billion) and new shares issued by Harbour equating to a total shareholding in the enlarged Harbour of 54.5% (BASF share: 39.6%). The agreed enterprise value for the Wintershall Dea assets amounts to $11.2 billion. This amount includes the outstanding bonds of Wintershall Dea with a nominal value of around $4.9 billion that will be transferred to Harbour at closing. With this transaction, BASF takes a major step towards achieving its announced strategic goal to exit the oil and gas business. After closing, the transaction creates optionality for monetization of BASF’s stake in the combined company, as Harbour is listed on the London Stock Exchange. “In addition to the cash component, the shares in Harbour that BASF will receive upon completion of the transaction offer significant potential for value creation and allow for a gradual and optimized exit from the oil and gas business over the next few years,” said Dr. Dirk Elvermann, Chief Financial Officer of BASF SE. Wintershall Dea’s headquarters and the related staff are not part of the transaction. This will require further restructuring and ultimately the closure of the headquarters’ units in Kassel and Hamburg that currently have around 850 employees. Harbour intends to take on some employees from the current headquarters into the combined company. Further specifics will be agreed after a more detailed review between signing and closing. Employee representatives will be involved in the process according to respective legal regulations and established practices. In parallel to the transaction with Harbour, the legal separation of Wintershall Dea’s Russia-related business is progressing as planned. BASF and LetterOne will remain the owners of the company holding the Russia-related business, for which significant federal German investment guarantees are in place. The Russia-related business includes stakes in the joint ventures in Russia, the ownership interest in Wintershall AG in Libya (Wintershall Dea share: 51%), in Wintershall Noordzee BV in the Netherlands (Wintershall Dea share: 50%) as well as the share in Nord Stream AG (Wintershall Dea share: 15.5%). Furthermore, Wintershall Dea is continuing its preparations for a separate sale of its stake in WIGA Transport Beteiligungs-GmbH & Co. KG (WIGA), which is not part of the transaction. WIGA is active in the German gas transport business; it is a joint venture of Wintershall Dea (50.02%) and SEFE Securing Energy for Europe GmbH (49.98%). WIGA’s operationally independent subsidiaries operate high-pressure pipeline networks, including GASCADE’s transport network, as well as OPAL and NEL. Until closing, Wintershall Dea and Harbour will continue to operate as independent companies. There is no assurance that the agreed transaction will be consummated. The transaction is, among other things, subject to approvals of merger control and foreign investment authorities in several countries. Subject to these regulatory approvals, closing is targeted for the fourth quarter of 2024. In the first half of 2023, the combined business had pro-forma revenue of $5.1 billion and EBITDAX of $3.7 billion. Overall, production volumes of Harbour and Wintershall Dea amounted to 513 thousand barrels of oil equivalent per day in the first half of 2023. In 2022, the combined business had pro-forma revenue of $13.5 billion and EBITDAX of $10.3 billion. Overall, production volumes of Harbour and Wintershall Dea amounted to 526 thousand barrels of oil equivalent per day in 2022. Combined 2P reserves stood at 1.5 billion barrels of oil equivalent at the end of 2022. BASF has appointed Morgan Stanley & Co. International plc as exclusive financial advisor as well as Freshfields Bruckhaus Deringer as legal advisor in connection with the transaction.
Enter your account email.
A verification code was sent to your email, Enter the 6-digit code sent to your mail.
Didn't get the code? Check your spam folder or resend code
Set a new password for signing in and accessing your data.
Your Password has been Updated !