Wintershall plans the sale of its VNG shares to EWE
Kassel. Wintershall, Germany’s largest internationally active crude oil and natural gas producer, is planning to divest its shareholding in the Eastern German company Verbundnetz Gas AG (VNG) as part of its strategy to concentrate on the upstream sector. An agreement was reached today (March 14, 2014) that will see EWE Aktiengesellschaft take over Wintershall’s 15.79 percent share in VNG. The transaction requires the approval of the competition authorities. In addition, it is subject to board approvals in both companies and also requires the approval of the VNG annual general meeting. The parties agreed not to disclose the purchase price.
Wintershall has been concentrating increasingly on the upstream sector in the last two years. As a consequence of this, the company is divesting its own natural gas trading and storage business. Wintershall has agreed an asset swap with Gazprom in which the previously jointly run natural gas trading and storage business is being transferred entirely to Gazprom. In return, Wintershall is gaining additional shareholdings in western Siberian gas fields. With the decision to divest its shares in VNG, Wintershall is continuing to pursue this strategy.
Wintershall Holding GmbH, based in Kassel, Germany, is a wholly-owned subsidiary of BASF in Ludwigshafen. The company has been active in the extraction of natural resources for 120 years, and in the exploration and production of crude oil and natural gas for over 80 years. Wintershall focuses on selected core regions where the company has built up a high level of regional and technological expertise. These are Europe, Russia, North Africa, South America, and increasingly the Middle East region. The company wants to expand its business further with exploration and production, selected partnerships, innovation and technological competence. Wintershall employs some 2,500 staff worldwide from 40 nations and is now Germany’s largest, internationally active crude oil and natural gas producer.
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