BASF’s representation on Harbour Energy’s board has been reduced with removal of one of two of its nominated directors, as the German chemical giant continues to lower its position in the UK-listed oil explorer.<\/p>\n
BASF, which originally acquired a 46.5% stake in Harbour in 2024 as part of the latter’s takeover of Wintershall Dea’s upstream assets, has been slowly selling off shares.<\/p>\n
Its interest has now fallen below 25%, meaning that it is no longer entitled to have two nominated directors on Harbour’s board.<\/p>\n
“Following the reduction in BASF’s shareholding below this threshold, its nomination right has reduced to one director,” Harbour said. As such, Hans-Ulrich Engel has stepped down as a non-executive director.<\/p>\n
“On behalf of the Board, I would like to thank Hans for his contribution during his tenure and wish him every success in the future,” said Harbour’s chair R Blair Thomas.<\/p>\n
In a recent statement to investors on its website, BASF said: “As the company has communicated on various occasions, its participation in Harbour Energy is considered a financial investment and it is BASF\u2019s strategy to exit it over time being mindful of value.”<\/p>\n
Harbour shares were down 1.5% at 264.6p by 0939 BST.<\/p>\n