Harbour prices 53-million-share buyback alongside BASF stake sale

Harbour Energy ($HBR) set the price of its proposed off-market purchase of 53 million shares from BASF ($BAS) at 266 pence per share, putting the consideration at approximately $190 million. The purchase accompanies BASF’s institutional share placing and remains conditional on completion of that offering. Harbour intends to cancel the shares it buys.

About $40 million of the purchase is expected to count toward Harbour’s existing $250 million buyback program. After the placing and cancellation, BASF’s interest is expected to fall from approximately 24.3% to 16.4%. This update supplies the priced terms of the transaction rather than announcing another separate buyback. It combines a return of capital by Harbour with a reduction, not elimination, of BASF’s holding.

Sources:

• Harbour Energy — priced purchase terms, RNS / Investegate