Elf Aquitaine submits to TotalFina takeover bid

France's warring major oil companies, Elf Aquitaine and TotalFina SA, made peace Sept. 13, following a 2-month mutual takeover battle.Elf Chairman and CEO Philippe Jaffré made a determined, but ultimately futile, attempt to ward off TotalFina's unsolicited bid for his company, launched by TotalFina Chairman and CEO Thierry Desmarest on July 5 (OGJ, July 12, 1999, p. 22).In the end, TotalFina improved on its initial terms, eventually offering Elf shareholders 19 TotalFina shares for 13 of Elf's vs. an original ratio of 4 TotalFina for 3 Elf. This sweetening of the deal amounts to a premium of 26% over Elf's market value, compared with 15% initially, based on the clos...

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