Following government approval of Harbour Energy’s $11.2bn takeover of Wintershall Dea, the German energy firm looks to appoint a new chairman.
Late last year the UK’s largest producer of oil and gas signed a deal to acquire Wintershall Dea, which has oil and gas assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt and Libya.
The move came as part of Harbour’s plan to diversify its portfolio after being hit hard by the UK’s energy profits levy.
The two firms are now waiting on regulatory approvals to close the transaction, something Wintershall has said it expects to receive in the final quarter of 2024.
A new chairperson and deputy chairperson will proposed to the Supervisory Board to lead Wintershall Dea following the closing of the transaction with Harbour Energy.
Stefan Schnell who is currently senior vice president of group reporting and performance management at BASF SE, a German-headquartered chemical producer, will be put forward to become chairperson and chief executive of Wintershall Dea.
The business’ current vice president for special projects, Larissa Janz, is set to take up the deputy chairperson (deputy CEO) job following regulatory approval as well.
Dr Hans-Ulrich Engel, chairman of the supervisory board of Wintershall Dea described Stefan Schnell and Larissa Janz as “excellent candidates” for their prospective roles.
The firm’s current chief executive Mario Mehren, alongside chief operating officer and Peterhead native Dawn Summers, and chief financial officer Paul Smith will stay on the Wintershall board until the deal closes and then they will resign.
Dr Hans-Ulrich Engel, chairman of the supervisory board of Wintershall Dea, said: “On behalf of the Supervisory Board, I would like to thank Mario Mehren, Dawn Summers, and Paul Smith already now for their outstanding work and for everything they have achieved for Wintershall Dea in a rather difficult environment in recent years.
“I would particularly like to thank Mario Mehren, who, together with the Management Board, successfully led first Wintershall and then Wintershall Dea for almost 10 years as Chief Executive Officer.”
Why is it taking so long?
One reason it will take Harbour Energy until the end of the year to close its Wintershall Dea acquisition is the sheer number of approvals from governments and regulators.
Harbour is buying the international E&P in an $11.2 billion transaction. This will include $4.15bn in the transfer of Harbour equity to Wintershall Dea’s owners.
As a result, BASF will hold 46.5% in ordinary shares in Harbour, based on its 73% stake in Wintershall Dea. Harbour’s shareholders will have 53.5% of the ordinary shares.
The entry of BASF into Harbour’s ownership opens up the need for UK approval, under the National Security and Investment Act.
Mexico and the European Union will need to clear the deal on anti-trust grounds and In the UK and Germany, there is a requirement for foreign investment approval.
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