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Totalfina Holds 94.93% of Elf Aquitaine Following the Close of the Public Exchange Offer And Has the Largest Market Capitalization On the Paris Stock Exchange |
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| Oct. 26, 99 |
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Following the October 15 close of the increased Public Exchange Offer launched on September 23, Totalfina announced that it holds 94.93% of the share capital of Elf Aquitaine.
This successful exchange offer represents a critical step in forming the new Group Totalfina Elf. The new organization of the Group will not be put in place until after the European Commission approves the combination, which is expected by mid-February 2000.
The new Totalfina shares issued in exchange for the Elf Aquitaine shares will be distributed as from October 28. The weight of Totalfina in the CAC 40 index will be correspondingly increased, making Totalfina the largest stock on the Paris exchange in terms of market capitalization. In addition, the weight of Totalfina in the European indexes will increase, and it will be added to various other indexes.
Totalfina is pleased with the success of the friendly exchange offer and views the result as an expression of confidence on the part of the Elf Aquitaine shareholders with regard to the outlook for the growth of the new Group which will rank as the fourth largest major oil company in the world.
At the close of the exchange offer, Totalfina has received 234,534,339 Elf Aquitaine shares and 39,621,478 Elf Aquitaine ADSs, which represents globally 254,345,078 Elf Aquitaine shares. Including the 8,485,797 Elf Aquitaine shares held by Elf Aquitaine which were not tendered, Totalfina directly and indirectly holds 262,830,875 shares of Elf Aquitaine.
After making the exchange for the tendered Elf Aquitaine shares and ADSs, Totalfina will have issued 371,735,114 new shares of its own for which applications have been made on the Paris, London and Brussels exchanges. The Totalfina ADSs exchanged for the Elf Aquitaine ADSs will be listed on the New York Stock Exchange. |
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