Germany-based 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. A 24 March agreement will see EWE Aktiengesellschaft take over Wintershall’s 15.79% 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 result, the company is divesting its own natural gas trading and storage business.
Wintershall has also agreed to an asset swap with Gazprom. Previously a jointly-ran natural gas trading and storage business, it will now be transferred entirely to Gazprom. In return, Wintershall will gain additional shareholdings in western Siberian gas fields. With the decision to divest its shares in VNG, Wintershall is continuing to pursue this strategy.
Subscribe
