RWE AG (RWEG.DE)
FRANKFURT/LONDON Chemical giant BASF agreed to merge its oil and gas unit Wintershall with DEA, a vehicle of Russian billionaire Mikhail Fridman, to create one of the largest independent oil and gas firms in Europe, the companies said.
FRANKFURT/LONDON, Dec 7 Chemical giant BASF agreed to merge its oil and gas unit Wintershall with DEA, a vehicle of Russian billionaire Mikhail Fridman, to create one of the largest independent oil and gas firms in Europe, the companies said.
FRANKFURT BASF said it was in talks to combine its oil and gas unit Wintershall [WINT.UL] with DEA [RWEDE.UL], the energy group owned by Russian billionaire Mikhail Fridman, as the German group expands its core plastics and chemicals operations.
* BASF shares close 2.9 pct higher (Adds DEA statement confirming talks)
LONDON European shares opened lower on Tuesday but quickly recovered as continued faith in the underlying strength of the European economy and a synchronized global expansion overcame negative trading updates, notably in Britain.
Nov 20 The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Monday:
* End of German coalition talks may mean slower coal exit (Adds fund manager comment, background)
FRANKFURT, Nov 20 Shares in German utility RWE rallied on Monday on renewed investor hopes for a deal for its Innogy unit as well as on expectations of a less stringent climate policy following the failure of coalition talks in Germany.
* Enel CEO previously said sees big M&A as value destructive (Adds details from sources, context)
MADRID/FRANKFURT/MILAN, Nov 19 German utility RWE is looking at ways to cut its 16.8-billion euro ($19.8 billion) stake in retail business Innogy, several banking sources told Reuters, adding this could involve a deal with Italy's Enel.