Wintershall and DEA completed the merger.

BASF and LetterOne have successfully completed the merger of Wintershall and DEA. In September 2018, BASF and LetterOne had signed a transaction agreement to merge their respective oil and gas businesses in a joint venture. To effect the merger, LetterOne contributed all shares in DEA Deutsche Erdoel into Wintershall Holding against the issuance of new shares. The shareholders have decided to rename the company Wintershall Dea. The joint venture is headquartered in Kassel and Hamburg. Upon formal registration of the corresponding capital increase, BASF will hold 67% and LetterOne 33% of Wintershall Dea’s ordinary shares reflecting the value of the respective exploration and production businesses of Wintershall and DEA. As a result of the merger, Wintershall Dea has a regionally balanced footprint with superior growth opportunities. Based on underlying exploration and production projects, the company is on track to reach a daily production of 750k to 800k BOE between 2021 and 2023 from currently 590k BOE per day. “With Wintershall Dea we create the leading independent European exploration and production company with international operations in core regions. By combining the two German-based entities, BASF and LetterOne lay the basis for strong profitable growth for Wintershall Dea." Dr. Hans-Ulrich Engel, BASF Vice Chairman of the Board of Executive Directors.