Total acquires Maersk Oil for $7.45B in share and debt transaction

Total (TOT) is pleased to announce that the Boards of Total and A.P. Moller – Maersk have both approved the acquisition of 100% of the equity of the E&P company Maersk Oil & Gas A/S, a wholly owned subsidiary of A.P. Moller – Maersk A/S, by Total in a share and debt transaction.

Under the agreed terms, A.P. Moller – Maersk will receive a consideration of $4.95B in Total shares and Total will assume $2.5B of Maersk Oil’s debt.

Total will issue to A.P. Moller – Maersk A/S, 97.5M of shares, based on the average Total share price on the 20 business days prior to August, 21 (signing date) which will represent 3.75% of the enlarged share capital of Total.

Underpinning this share based partnership, subject to Total shareholders’ approval, Total has also offered the possibility of a seat on its Board of Directors to A.P. Moller Holding A/S, main shareholder of A.P. Moller – Maersk.

The proposed transaction is subject to the applicable legally required consultation and notification processes for employee representatives and to approvals by the relevant regulatory authorities.

The transaction is expected to close in first quarter 2018 and has an effective date of 1st July 2017.

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