TotalFina completes exchange offer for Elf

TotalFina SA has acquired 95.93% of Elf Aquitaine SA's total capital stock, following the close of its public exchange offer for its long-time rival. Totalfina claims it is the largest firm on the Paris exchange in terms of market capitalization and says the successful exchange offer is a critical step forward in establishing the new TotalFina Elf group.However, the new organization will not be put in place until the European Commission has approved the merger. This is not expected before mid-February 2000. Meanwhile, Elf remains an affiliate of TotalFina. As the preparatory work towards the merger continues, a new chairman and chief executive officer will be appointed by Elf Aquitaine...

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