Gazprom Sinks to Five-Month Low on BASF Asset Swap: Moscow Mover
Gazprom dropped as much as 1.2 percent before trading down 0.3 percent at 139.25 rubles by the close in Moscow. That was the lowest level since May 23. About 46 million shares traded, equivalent to about 137 percent of the three-month average.
“This deal doesn’t seem to be very promising,” Alexei Kokin, an analyst at UralSib Capital, said by phone from Moscow. “Gazprom is giving up deposits with high potential.”
Gazprom took over the jointly run gas trading and storage companies and gained half of Wintershall Noordzee BV, which conducts oil and gas exploration and production in the southern North Sea waters, BASF said in a regulatory filing today. In exchange, Wintershall will get 25 percent plus one share in blocks 4 and 5 of the Achimov formation in the Urengoy field, with an option to raise its stake to 50 percent.
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