BASF ready to push through Wintershall Dea IPO against co-owner’s opposition

FRANKFURT (Reuters) – BASF, co-owner of Nord Stream 2 backer Winterhall Dea, said it was prepared to push through an initial public offering of the oil and gas business next year if its joint venture partner LetterOne upholds its opposition to the transaction.

“Given the significant strategic relevance of the IPO (of Wintershall Dea) for BASF and our stakeholders, we will use all available means to protect our rights and interests, including legal remedies and the right to unilaterally pursue an IPO in 2023,” BASF finance chief Hans-Ulrich Engel said in speech on the chemical group’s full-year results.

(Reporting by Ludwig Burger; Editing by Miranda Murray)