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Friday, December 20, 2013
German firm BASF is preparing a bid for fellow German firm RWE’s oil and gas exploration and production (E&P) unit, RWE Dea. According to a report from Frankfurter Allgemeine Zeitung (FAZ), BASF’s offer is worth several billion euros.
A spokeswoman for BASF declined to comment on the report.
RWE has been planning the divestment of its exploration unit since the beginning of the year. The unit holds several assets across North Africa and just recently saw its bid for a new block in Egypt approved by the Egyptian government.
In October RWE said it wanted bids for the Dea unit submitted by the end of December. At the time only Wintershall, BASF’s oil and gas unit, had officially expressed interest in the asset. In a Reuters report, sources familiar with the matter said that a deadline for initial bids for DEA was now mid-January.
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