FRANCE SPINS OFF ORKEM ASSETS TO ELF, TOTAL
France's government has broken up the state owned petrochemical company Orkem SA, formerly CDF Chimie, and distributed the assets among the two state oil groups, Ste. Nationale Elf Aquitaine and Total CFP. Most of the assets will go to Elf to enable it to compete with the world's chemical giants. Elf will acquire Orkem's petrochemicals, plastics, and fertilizers businesses, excluding those sold to Italy's Enimont SpA last year.