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TOTALFINA press release July 19, 1999 |
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| Jul. 19, 99 |
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TOTALFINA notes that Elf Aquitaine's Chairman now recognizes the advantages of a merger between the two French oil companies, after having rejected first its principle and then the project itself.
TOTALFINA is convinced of the exceptional quality of its industrial project, which has been very enthusiastically received by the business, industrial and financial communities. It is actively pursuing its implementation and has already received the necessary administrative authorizations (French government's "golden share", as well as mining, oil and banking authorizations). TOTALFINA's public exchange offer for Elf Aquitaine will begin once approval has been obtained from the Commission des Opérations de Bourse (COB).
The Management of TOTALFINA will carry out its industrial project by combining the companies' management teams. It is highly confident of its ability to implement the project, while respecting the interests of shareholders, employees and customers of both companies. TOTALFINA Board of Directors will meet within the next few days. |
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