BASF Studies Splitting Wintershall Into Russia, Other Assets
- Chemical company exploring asset swap with Russian JV partner
- BASF hasn’t yet discussed plan with billionaire co-owner
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BASF SE is exploring a plan to offload energy assets in Russia belonging to its Wintershall Dea AG unit to its Russian billionaire joint venture partner, according to people familiar with the matter.
The German chemical giant has weighed options that could see the Russian assets and operations of Wintershall transferred to LetterOne, an investment firm owned by sanctioned Russian billionaire Mikhail Fridman, the people said. A split would allow BASF to revive plans for an initial public offering of the remaining business, a move that LetterOne has so far sought to block.