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LetterOne, BASF in talks to merge oil & gas businesses

Russian billionaire Mikhail Fridman’s LetterOne and Germany’s BASF have signed a letter of intent to merge their oil and gas businesses into a joint venture named Wintershall DEA.

The oil and gas business of BASF is bundled in the Wintershall Group consisting of Wintershall Holding GmbH and its subsidiaries, including the gas transportation business. The oil and gas business of LetterOne comprises DEA Deutsche Erdöl AG and its subsidiaries.

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