Elf planning to fight TotalFina takeover

Elf Aquitaine SA is preparing a plan to fight off a takeover bid by TotalFina SA, but exactly when details of the plan will be announced is not clear.On July 5, TotalFina surprised Elf with a 42 billion euro ($41.2 billion) takeover bid, in which four TotalFina shares would be exchanged for three Elf shares.Elf Chairman and CEO Philippe Jaffré promptly declared TotalFina`s bid to be hostile, while TotalFina said its offer represented a premium of 15% over Elf`s closing share price preceding the move (OGJ, July 12, 1999, p. 22).An Elf official told OGJ on July 13 that the company is required to file a statement with the Paris stock exchange authorities on July 22, to say whether or ...

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