FRANKFURT Dec 19 German chemicals maker BASF
is preparing a bid for DEA, the oil and
gas exploration and production (E&P) unit put up for sale by
Germany's No.2 utility RWE, Frankfurter Allgemeine
Zeitung (FAZ) reported.
BASF's M&A department is working on an offer worth several
billions worth of euros, FAZ reported, citing financial and
A spokeswoman for BASF declined to comment on the report.
RWE said in March it planned to divest DEA, which accounted
for about 11 percent of its operating profit last year, adding a
sale was not expected before next year.
At the time, Wintershall, BASF's oil and gas unit, had
officially expressed interest in the asset.
Sources familiar with the matter have said that a deadline
for initial bids for DEA was now mid-January, after previously
Last month, several sources told Reuters that Russian
billionaire Mikhail Fridman had teamed up with other investors
to bid for DEA, with other interested parties being Qatar, KKR
, Blackstone and Kuwait Petroleum Corp.