Harbour Energy to Buy 53M Shares From BASF for £190M

Harbour Energy is purchasing 53 million ordinary shares from BASF Handels-und Exportgesellschaft mit beschränkter Haftung at £2.66 per share in an off-market transaction valued at approximately $190 million, reducing BASF's stake in the company from 24.3% to 16.4%. The move cuts a major corporate holding while utilizing the energy firm's existing capital allocation framework.

The off-market purchase is being executed under a share purchase deed approved at Harbour Energy’s Annual General Meeting on May 7, 2026. All 53 million acquired shares will be cancelled upon completion of the deal.

Transaction Valuation and Funding Mechanism

The transaction relies on a foreign exchange rate of $1.3512 per British pound to calculate the dollar-denominated value of the £2.66 per-share purchase price. Approximately $40 million of the total $190 million expenditure will be directly deducted from Harbour Energy’s ongoing $250 million share buyback program, which was originally announced on August 6, 2026.

Off-market share buybacks allow large corporate entities to acquire blocks of stock directly from major shareholders without executing open-market trades that could cause short-term price volatility. By executing the transaction through a private deed, both parties secure agreed execution terms and fixed pricing outside public order books.

Impact on BASF Shareholding

Following the completion of both the off-market purchase and an institutional offering by BASF, the German chemical giant's stake in Harbour Energy will decrease. BASF's ownership percentage is expected to drop from approximately 24.3% down to 16.4% of issued ordinary shares carrying voting rights.

The reduction alters the shareholder register for Harbour Energy as the independent oil and gas producer manages its capital structure and share count following prior large-scale asset integrations.