Harbour Energy to repurchase up to $200 million in shares from BASF

Harbour Energy has announced a plan to repurchase up to $200 million of its own shares from its major shareholder, BASF. This transaction is part of a larger placement involving approximately 133 million shares.

Under the arrangement, Harbour Energy will acquire roughly 53 million shares from BASF, while the remaining 80 million shares will be placed with institutional investors through an accelerated placement process. The deal follows a prior agreement between the two companies established in June and is intended to facilitate BASF's strategic reduction of its stake in the British oil and gas firm.

According to Morgan Stanley Europe, the lead manager for the transaction, the buyback remains subject to the successful completion of the planned offering. BASF currently holds approximately 25 percent of Harbour Energy.