FRANKFURT/LONDON (dpa-AFX) - The announced takeover of BASF 's oil and gas business Wintershall Dea by the British oil company Harbour Energy only initially led BASF investors to cheer on Thursday.

With a peak premium of 2.9 percent, the shares of the Ludwigshafen-based chemical company temporarily jumped to their highest level since the end of April, only to give up the gains made after the announcement just as quickly. Most recently, the gain amounted to around 0.5 percent at a price of 48.68 euros, while the leading German index Dax fell by 0.5 percent.

BASF is pressing ahead with the separation of its oil and gas business Wintershall Dea, which the British oil company Harbour Energy intends to take over. Wintershall Dea's Russian business is excluded from the transaction.

In contrast to BASF shareholders, Harbour Energy shareholders were all the more pleased about the deal. The shares soared by more than 23 percent to 302 pence in London, their highest level since February.

Following the news, analysts Jefferies re-included Harbour Energy shares in its valuation with a "buy" rating and a target price of 340 pence. This is the big international deal that the company has always talked about, wrote analyst Mark Wilson./ajx/la/jha/