By Andrea Thomas

BASF's planned sale of the exploration and production business of its subsidiary Wintershall Dea to Harbour Energy will be reviewed for its potential impact on German security interests, according to Economics Minister Robert Habeck.

Habeck told the German parliament on Wednesday that the government reviews corporate investments and divestments with an eye to whether national security might be jeopardized by a cross-border transaction.

At the end of December, BASF agreed to sell Wintershall Dea's exploration and production business to the U.K.'s Harbour Energy, in a transaction valued at $11.2 billion.

Industry group Zukunft Gas expressed concerns over the deal.

"Germany will be dependent on natural gas for many years to come, so Wintershall Dea and its domestic gas production play an important role in the transformation of the energy system," Zukunft Gas head, Timm Kehler, said.

Nina Kienle contributed to the article.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

January 17, 2024 13:09 ET (18:09 GMT)

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