TotalFina opens Elf Aquitaine bid on U.S. exchanges

TotalFina SA extended its takeover bid for French rival Elf Aquitaine SA with an offer for shares traded on U.S. stock exchanges.TotalFina offered four TotalFina shares in exchange for three Elf shares, and four American depository shares (ADSs) of TotalFina for every three ADSs of Elf Aquitaine.The company said its U.S. exchange offer was open to all holders of Elf ADSs and to U.S. persons holding Elf Aquitaine shares. The move is part of a $43 billion hostile bid that was met by an unexpected counterattack by Elf (OGJ, July 26, 1999, p. 40).TotalFina said the U.S. exchange offer provides the same share consideration as the French exchange offer. It is conditional on the French bid succe...

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