By Matthias Goldschmidt
The agreed-billion dollar exchange of assets between BASF subsidiary Wintershall and Gazprom has burst. The two companies had agreed not to consummate the proposed transaction to the end of the year, BASF SE said. A BASF spokeswoman referred to the current difficult political environment.
By now cut correspond exceptional income of DAX-listed company to adapt its forecast for the current year down the results for 2013, corrected retroactively.
The deal stipulated that Wintershall the previously jointly operated natural gas trading and storage business completely transmits to the long-term partner Gazprom. The Russian state company would turn to 50 percent in the winter Noordzee BV involved, which seeks oil and gas in the North Sea and promotes. In 2013, these activities contributed 12 billion euros to 500 million euros in sales and earnings before interest, taxes, depreciation and amortization (EBITDA) of at BASF.
Through the Cancellation of the deal must book in 2014. BASF expenses of € 113 million for 2013 and 211 million euros. Adjusted earnings before special items of last year puts it at around 7.1 billion euros.
For the current fiscal year as earnings before interest and taxes (EBIT) now expected to rise only slightly. Because of the expected extraordinary income, BASF had provided a significant increase in views. The goal is to achieve the level of the previous year in adjusted EBIT, appears still online.
“We regret that the asset swap is not completed. We will continue our more continue as a 20-year collaboration with Gazprom in our existing joint ventures “<4000824" employees,
p data-bg-articleid => said BASF CEO Kurt Bock. “Stefanie Haxel
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