British Harbour Energy Expects to Close the Acquisition of Wintershall Dea at the Beginning of the Fourth Quarter of 2024
Harbour Energy, the UK‘s largest oil and gas producer, has published results for the first half of the year. The production forecast for 2024 has been improved with confirmation of the forecast for 2025. In the report, the company also said that the results achieved this year in various areas of work and the permits obtained related to the acquisition of a large international company Wintershall Dea give confidence that the merger will be completed at the beginning of the fourth quarter of 2024. All regulatory, antitrust and foreign direct investment approvals are progressing as expected. Financial work flows are mostly completed, including the voluntary consent process of bondholders, the company said in a report. A prospectus and a circular for shareholders have been published; approval of Harbour shareholders has been received, 99.99% of the votes are in favor of the acquisition. A small number of outstanding approvals required for completion, including Mexican regulatory approvals, are expected in the third quarter of 2024.
Obtaining permits for regulatory, antitrust and foreign direct investment is proceeding according to plan.
In early December 2023, Harbour Energy announced that it was buying back from the German chemical concern BASF and LetterOne all their shares in the oil and gas company Wintershall Dea. The deal was worth $11.2 billion. Harbour Energy will transfer mining assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria, as well as licenses for carbon dioxide capture and storage in Europe.
According to Harbour Energy CEO Linda Z. Cook, this acquisition will change the scale, geographical diversity and will provide higher returns for shareholders in the long term, as well as open up new opportunities for the company.
