Wintershall Dea Postpones IPO

The merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG in May 2019 brought together two successful companies with a long tradition to form Wintershall Dea, Europe's leading independent natural gas and oil company. Based on current market conditions, the shareholders of Wintershall Dea – BASF and LetterOne – have decided to postpone the Initial Public Offering (IPO) to a later date. Until now, the public offering had been planned for the second half of 2021, depending on market conditions. While oil and gas prices on the spot market and also at the short end of the forward price curve have improved significantly, this development has not yet been fully reflected in forward-looking broker consensus assumptions. In addition, the market valuations of oil and gas companies have not returned to the levels at which shareholders expected to initiate the public offering, for various reasons. Due to its very strong performance, Wintershall Dea continues to be a strong cash contributor to its shareholders.