Wintershall plans to divest its 15.79% share in Verbundnetz Gas AG in eastern Germany to EWE AG. Terms were not disclosed.
EWE currently holds 47.9% in Verbundnetz, the Leipzig-based gas transport and trading company.
Approval is required from the German Federal Cartel Office, along with the boards of Wintershall and EWE, and Verbundnetz’s annual general meeting.
Wintershall Holding GMBH, a subsidiary of BASF, said it has been concentrating increasingly on producing crude oil and natural gas in the past two years and divesting its natural gas trading and storage business.