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BASF Unit to Trims Harbour Energy Stake

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BASF (BAS.F) said Friday its subsidiary agreed to divest 133 million shares in Harbour Energy (HBR.L), reducing its voting rights to 16%.

The German chemicals company's unit BASF Handels- und Exportgesellschaft mit beschränkter Haftung sold 80 million shares of the London-listed oil and gas company through a placing to institutional investors at 2.66 pounds sterling.

Separately, Harbour Energy agreed to an off-market purchase of 53 million of its ordinary shares from the BASF subsidiary at the placing price, subject to completion of the placing.

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