1st Quarter 2017
BASF and the Stahl group of companies signed an agreement on March 22, 2017, to combine BASF’s leather chemicals business with that of the Stahl group. The transaction comprises BASF’s global leather chemicals business – including the leather chemicals production site in L’Hospitalet, Spain – with around 210 positions, 110 of which are in Asia. Subject to the approval of relevant authorities, the transaction is expected to close in the fourth quarter of 2017. With their complementary strengths, BASF and Stahl will create a leading provider of leather chemicals with a clear focus on innovation. Under the terms of the agreement, BASF will receive a 16% minority stake in the Stahl group as well as a payment; this will result in special income in the Performance Products segment. Furthermore, in the medium to long term, BASF will supply Stahl with significant volumes of leather chemicals from remaining plants.
2nd Quarter 2017
On April 24, 2017, BASF Group company Wintershall Nederland Transport & Trading B.V., based in Rijswijk, Netherlands, signed financing agreements for the Nord Stream 2 project. The project is being conducted by the Zug, Switzerland-based company Nord Stream 2 AG, which is a 100% subsidiary of PAO Gazprom, headquartered in Moscow, Russia. BASF will finance up to 10% of the project costs, which are estimated at €9.5 billion.