TotalFina makes $41.2 billion bid for Elf

TotalFina SA launched a bid on July 5 to take over Elf Aquitaine SA that values its French rival at 42 billion euros ($41.2 billion).Over the past 18 months, analysts frequently mooted a merger between the two French integrated petroleum companies, even before Total and Belgian firm Petrofina SA joined forces late last year (OGJ, Dec. 7, 1998, p. 37).While there has been much speculation about continuing merger talks between TotalFina and Elf, Elf Chairman and CEO Phillippe Jaffr? has denied any interest in such a move; no sooner had TotalFina revealed its offer than Elf declared it was hostile.TotalFina`s offer would result in the exchange of four TotalFina shares for three Elf shares, w...

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