BASF Divests $291 Million Stake in Harbour Energy via Discounted Block Trade

German chemical giant BASF has successfully completed the sale of its stake in the UK-listed oil and gas producer Harbour Energy. The divestment, valued at approximately $291 million, was executed through a discounted block trade arrangement. Shares were priced at 273 pence each, representing a notable 9% discount to the company's previous closing price. This move follows the strategic merger of Wintershall Dea's assets, which were partially owned by BASF, into Harbour Energy's operations. By offloading its resulting equity position, BASF is effectively monetizing its holdings within the British energy sector. Market analysts anticipate that the significant discount offered in the trade will exert immediate downward pressure on Harbour Energy's share price (HBR.L).

Sources:wsj.cominvesting.commarketscreener.commorningstar.comhalifax.co.ukspglobal.comuk.investing.comsharecast.com