BASF Sells $291 Million Harbour Energy Stake, Advancing Oil and Gas Exit

BASF sold 80 million shares of Harbour Energy PLC at 273 pence per share.

The transaction totaled approximately £218.4 million ($291 million).

Strong investor demand prompted BASF to increase the offering from an initial 60 million shares.

The sale price reflects a 9% discount to the previous day's closing price.

This divestment reduces BASF’s stake in the UK’s largest independent oil producer to 35%.

The sale aligns with BASF’s long-term strategy to exit the oil and gas sector.

This strategy followed the merger of BASF’s Wintershall Dea unit with Harbour Energy.

BASF agreed to a 90-day lock-up period for its remaining shares.