The European Commission today approved the merger of Totalfina and Elf Aquitaine.
As part of the approval procedure, Totalfina has made certain commitments applicable exclusively in France. These commitments, which concern four markets that were examined by the Commission, will result in the following divestments:
- 70 service stations located on French highways will be sold. Disposals will be divided equally between the two Groups' tradenames.
- All or part of the interests held in three oil pipelines (Trapil, SPMR, DMM) and in 17 refined product storage depots will be sold.
- Elf Antargaz and Elf Aquitaine's associated LPG logistical assets in France will be sold.
- Half of the supply infrastructure for the Lyon and Toulouse airports will be opened up to third parties.
These transactions will maintain competition in each of the concerned markets. They will preserve the benefits of the Totalfina-Elf Aquitaine merger in Exploration/Production and in Chemicals, and most of the benefits in Refining/Marketing.
The European Commission's approval now enables completion of the Totalfina-Elf Aquitaine merger.
The Board of Directors of Elf Aquitaine will meet on February 15 to appoint Thierry Desmarest as a Director and to appoint him as Chairman and Chief Executive Officer of Elf Aquitaine. The new Group's Executive Committee, whose composition has already been announced, will take up its duties on the same date. |
