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Wintershall and DEA subsidiaries to merge

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World Pipelines,

BASF and LetterOne signed a letter of intent yesterday to merge their respective oil and gas businesses in a joint venture, which would operate under the name Wintershall DEA.

The oil and gas business of BASF is bundled in the Wintershall Group consisting of Wintershall Holding GmbH and its subsidiaries, including the gas transportation business.

The oil and gas business of LetterOne comprises DEA Deutsche Erdöl AG and its subsidiaries.

By combining these two German-based entities, their parent companies strive to create a basis for further profitable growth, optimise the portfolio footprint of the combined business and realize synergies.

Wintershall DEA would have significant growth potential and be one of the largest independent European exploration and production companies. In the medium term, BASF and LetterOne envisage to list Wintershall DEA through an initial public offering.

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