Wintershall Dea CEO says shareholders to decide on IPO date [Reuters]
BASF SE S/ADR (BASFY)
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Source: Reuters
Wintershall Dea CEO says shareholders to decide on IPO date FRANKFURT (Reuters) - Merged oil and gas company Wintershall Dea will be ready for a stock market listing by mid-year but it is up to its shareholders to judge whether to go ahead, Chief Executive Mario Mehren said in a call with reporters on Wednesday. “They (the shareholders) will give us the start signal and decide what the right timing is,” he said. Banking sources have spoken of a delay to the floatation. Chemicals group BASF ( BASFn.DE ) holds 67% in Wintershall Dea, with Russian billionaire Mikhail Fridman’s LetterOne owning the remaining 33%. Mehren also said the company needs an oil price of $35-40 per barrel oil price and $4 per thousand standard cubic feet (mcf) to be cash-flow even in 2020, and needed a lower sum in 2021 once new exploration projects join the production portfolio.
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