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BASF · Energy Sector · Harbour Energy · Share Sale
BASF SE significantly reduced its shareholding in Harbour Energy PLC, divesting a 6.5% stake to lower its holding from 41.5% to 35% through an upsized accelerated secondary placing that generated approximately GBP218.4 million.
This transaction, reported by Alliance News, saw the Ludwigshafen, Germany-based chemicals group divest 80 million shares in the London-based oil and gas exploration company at 273 pence each. The placing was upsized from an initial 60 million shares due to strong market demand from investors, with Morgan Stanley Europe SE serving as the sole bookrunner.
BASF initially acquired a 47% stake in Harbour Energy as part of the USD11.2 billion deal to transfer most of Wintershall Dea's upstream assets, which was completed in 2024. Harbour Energy did not receive any proceeds from this sale, as it involved existing shares.
Following the sale, BASF's remaining 35% stake in Harbour Energy is subject to a 90-day lock-up period. On Friday, Harbour Energy shares declined 5.7% to 283.00p in London, while BASF shares traded 0.5% higher at EUR51.00 each in Frankfurt.
BASF Sells Harbour Energy Stake, Upsized Placing(current)
