Harbour Energy to Buy Back Up to $200 Million in Own Shares From Germany's BASF
By Joshua Kirby
Harbour Energy said it would buy back around $200 million in its own shares from German chemicals giant BASF, one of its largest shareholders.
The off-market agreement is in line with a buyback contract the two companies agreed in June, Harbour said in a release Thursday. It comes as BASF proposed a placing of around 133 million shares in the U.K. oil-and-gas group. Around 53 million shares will be sold to Harbour, bookrunner Morgan Stanley Europe said Thursday.
Another 80 million will be placed via an accelerated bookbuild open to institutional investors. The price per placed share will be determined via the process.
The buyback is dependent on the completion of the proposed offering, Harbour said.
Harbour Energy shares closed Thursday's trading up around 1.2% at 277.8 pence. Ordinary shares traded at 0.002 pence.
BASF holds a stake of around 25% in Harbour, according to FactSet data. Earlier this year, the chemical group moved to cut its stake and voting rights in Harbour.
The repurchased shares will be cancelled, and any consideration above $150 million will be deducted from a buyback of up to $250 million set out last month, Harbour said.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
September 10, 2026 13:14 ET (17:14 GMT)
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