TotalFinaElf announces that as of September 1, it holds 99.5% of the capital of Elf Aquitaine, following the exchange offer launched on May 24, in France and North America. TotalFinaElf previously held 95.6% of Elf Aquitaine’s capital.
The exchange for the new TotalFinaElf shares will take place on September 18, 2000. In the coming days, Elf Aquitaine will ask the Paris Bourse to delist its shares from the Paris cash settlement market, subject to approval by market authorities. In addition, following the closing of the exchange offers, the deposit agreement governing the Elf Aquitaine American depositary shares (ADSs) will be terminated. Elf Aquitaine has requested that the New York Stock Exchange delist its American Depositary Shares and was advised by the NYSE on September 5, 2000 that the delisting procedure is underway.
As a result of this exchange offer, TotalFinaElf received 10,213,932 Elf Aquitaine shares and 1,228,788 Elf Aquitaine ADSs (one Elf Aquitaine share equals two ADSs), for a total of 10,828,326 shares.
In order to remunerate these shares, the creation of 14,437,768 TotalFinaElf shares has been initiated. The registration of these shares for quotation on the Paris Bourse and the London and Brussels stock exchanges has been applied for. The TotalFinaElf ADS that were exchanged for Elf Aquitaine ADSs will be quoted on the New York Stock Exchange.
At the conclusion of this operation, the number of TotalFinaElf shares outstanding will be 738,748,402. |
