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European Commission Opens Phase 2 Procedure in Totalfina Elf Merger |
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| Oct. 06, 99 |
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The European Commission, to which the Totalfina/Elf Aquitaine merger project was submitted on August 24, has decided to open an investigation procedure, known as "Phase 2", to be completed by mid-February 2000. The Commission followed the same procedure when examining the recent large mergers involving Exxon/Mobil and BP Amoco/Arco.
The Commission's investigation in no way affects the timetable for Totalfina's public exchange offer for Elf Aquitaine. Following the increased offer, the offer period, which began on September 23 in France and on September 29 in the United States, will close in both countries on October 15. The results will be published by the Conseil des Marchés Financiers on October 27, and distribution of new Totalfina shares to Elf Aquitaine shareholders who tendered their shares to the offer will begin on October 28.
Once the European Commission has given its approval, the Totalfina Board of Directors will be expanded and the new Group's Executive Committee will take up its functions. Meanwhile, the chemicals working group in charge of studying by March 2000 strategic priorities in terms of growth, the conditions for integration and the future organization of the chemicals operations will be set up.
With the integration of Totalfina and Elf Aquitaine teams scheduled for completion by the end of 2000, the new Group will become the world's fourth largest oil company and will be fully operational. |
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