March 18, 2020 / 10:29 AM / 22 days ago

Wintershall Dea CEO says shareholders to decide on IPO date

FRANKFURT (Reuters) - Merged oil and gas company Wintershall Dea will be ready for a stock market listing by mid-year but it is up to its shareholders to judge whether to go ahead, Chief Executive Mario Mehren said in a call with reporters on Wednesday.

“They (the shareholders) will give us the start signal and decide what the right timing is,” he said. Banking sources have spoken of a delay to the floatation.

Chemicals group BASF (BASFn.DE) holds 67% in Wintershall Dea, with Russian billionaire Mikhail Fridman’s LetterOne owning the remaining 33%.

Mehren also said the company needs an oil price of $35-40 per barrel oil price and $4 per thousand standard cubic feet (mcf) to be cash-flow even in 2020, and needed a lower sum in 2021 once new exploration projects join the production portfolio.

Reporting by Vera Eckert; Editing by Christoph Steitz

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