The German chemicals group sold 133 million shares through a private placing and buyback.
BASF reduced its voting stake in London-listed Harbour Energy to 16.4% from 24.3% after selling 133 million ordinary shares. The transaction raised gross proceeds of 353.78 million pounds, or 478 million US dollars. The divestment represented 7.9% of Harbour Energy's share capital.
The transaction was priced at 266 pence per share, which represented a 4.3% discount to Harbour Energy's closing price of 277.80 pence on Thursday. BASF sold 80.0 million shares to institutional investors through a private placing, while Harbour Energy directly repurchased 53.0 million shares for 190 million US dollars.
BASF originally received a 46.5% initial stake in Harbour Energy following the Wintershall Dea transaction in 2024. Following the latest placement, the German chemical producer agreed to a 60-day lock-up period on its remaining shareholding.
Share prices can rise and fall. Past performance does not guarantee future results. This article is news, not investment advice.
Newsletter
Markets in your inbox, weekly
Latin America-focused analysis, investment themes and the week in finance.