Skip to content Skip to Search
Skip navigation

Adnoc considers buying German oil and gas producer

The possible deal with Adnoc could value German oil and gas producer Wintershall Dea at more than $11bn Reuters/Toru Hanai
The possible deal with Adnoc could value German oil and gas producer Wintershall Dea at more than $11bn

State-owned Abu Dhabi National Oil Company (Adnoc) is exploring a potential acquisition of Wintershall Dea, the European energy business backed by BASF SE.

The possible deal could value Wintershall Dea, a German gas and oil producer, at more than €10 billion ($11 billion), the news agency reported, citing informed sources. 

UK-listed Harbour Energy Plc is also among suitors assessing the business, the report added.

German chemical group BASF has been working with advisers to explore a sale of its 73 percent holding in Wintershall Dea, the sources said. 

London-based investment group LetterOne, founded by Russian billionaire Mikhail Fridman, owns the company’s remaining share.

Any transaction is likely to take place next year, as the Russian government needs to sign off on Wintershall Dea’s planned exit from the country, the report said. 

In November 2022 the Abu Dhabi oil major announced plans to invest $150 billion as part of its 2023-2027 business strategy to expand production capacity for crude, natural gas and chemicals.

In July, Adnoc discussed with Austria’s OMV AG the possible merger of Borouge and Borealis AG to create a chemical and plastics giant worth more than $30 billion.

Latest articles

Miahona water tower

Saudi water major Miahona plans IPO

A water and wastewater infrastructure operator that pioneered the public-private partnership model in Saudi Arabia is planning an IPO that will put 30 percent of its shares on the market. Miahona Company intends to list on the main market of the Saudi Exchange after receiving approval from the Capital Market Authority last month. The company […]

The funding of Midas is among the 'biggest ever' Series A fund raise by a Turkish fintech

Turkish fintech Midas raises $45m for new products

Turkish fintech startup Midas has raised $45 million in equity funding to expand its services and launch new products. The new products include cryptocurrency trading, mutual funds and savings accounts. The funding is among the “biggest ever” Series A fund raise by a Turkish fintech and comes less than three years after Midas was launched.  […]

Plenary founder and director Paul Oppenheim, Plenary CEO David Lamming and Ahmed Ali AlShamsi, director of energy and utilities at ADQ

ADQ buys stake in Australian investment company

The UAE’s investment fund ADQ has acquired a 49 percent stake in Australian infrastructure investor Plenary Group as part of its expansion drive. The Abu Dhabi state-backed company will acquire all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec, which will continue to invest in a range of Plenary’s […]

Over 400 global food brands are taking part in the SaudiFood Manufacturing show in Riyadh this month

Saudi Arabia’s food factory count rises to 1,300

The total number of food factories operated by the Saudi Authority for Industrial Cities and Technology Zones (Modon) has reached 1,300, across 36 cities. The increase signifies the growing capacity of the domestic food industry and its localisation efforts, the state-run Saudi Press Agency reported. Food industry companies have recorded a growth rate of more […]