The merger between oil and gas firms Wintershall and DEA has been completed, creating the largest independent exploration and production company in Europe.
Wintershall DEA will be headquartered in Hamburg, with activities across Europe, Latin America, North Africa and the Middle East.
Regulatory approvals have been granted by nine countries including Germany, Norway, the UK and Russia.
Around 4,200 people are currently employed by the two companies and they have previously confirmed around 800 German and 200 Norwegian jobs will be cut in the process.
Wintershall parent firm, BASF, and DEA’s owner, LetterOne, said the merger will make synergy savings of at least £171million per year.
An initial public offering is envisaged for the second half of 2020.
Wintershall CEO Mario Nehren will stay in post as head of the new firm.
BASF will hold 67% of the shares in Wintershall Dea, with LetterOne taking 33%.
BASF and LetterOne said the new firm is on track to reach a production target of 750,000 to 800,000 barrels of oil equivalent per day between 2021 and 2023.
Hans-Ulrich Engel, vice chairman of BASF SE, and Lord Browne of Madingley, executive chairman of L1 Energy (LetterOne’s energy investment arm), will be rotating non-executive Chairmen of Wintershall Dea’s Supervisory Board.
Mr Ulrich-Engel said: “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.”
