German chemicals giant BASF has sold a 218 million pounds ($290.6 million) stake in U.K. oil-and-gas group Harbour Energy through a share placing. The transaction reduces BASF's ownership and voting rights in Harbour Energy to approximately 35%, marking a strategic reduction in their energy portfolio exposure while generating significant capital for other strategic initiatives.

The shares changed hands at 273 pence each, representing a 9% discount to Thursday's closing price of 300 pence. Morgan Stanley, BASF's bookrunner, reported strong investor demand that allowed the chemical company to increase the offering from 60 million to 80 million shares, significantly expanding the capital raised from the transaction and demonstrating continued market confidence in Harbour Energy.

BASF initially obtained its substantial stake in Harbour Energy when the U.K. company completed an $11 billion acquisition of Wintershall Dea's upstream assets. The current stake divestment reflects BASF's ongoing portfolio optimization strategy, reducing its direct involvement in the energy sector while maintaining a meaningful minority position in one of Europe's largest oil and gas producers.