By OGJ editors
HOUSTON, Oct. 20 -- Total SA now holds 48.83% interest in Spanish integrated firm Cepsa Group, having recently bought 4.35% interest from Banco Santander Central Hispano (Santander). The transaction ends a long-running dispute (OGJ Online, Oct. 14, 2003).
Total bought the stock for €4.54/share for a total of nearly €53 million. The European Commission approved the transaction on Oct. 13.
The Total-Santander transaction stemmed from a partial award by the Netherlands Arbitration Institute. The court adjudicated the dispute, and Total and Santander said they will ask the tribunal to terminate the arbitration (OGJ Online, Aug. 17, 2006).
