TotalFina, Elf Seeking 'Friendly End' To Takeover Battle

Friday, September 03, 1999
TotalFina Chairman Thierry Desmarest said that relations with rival Elf Aquitaine had entered a more relaxed phase and said he would seek a friendly end to their takeover fight in the coming weeks. "The atmosphere has become more relaxed over the past week," Desmarest said. "What we still have to do better is to try to pass from this phase of offers and counter-offers to the friendly solution we will try to negotiate in the coming weeks." Desmarest confirmed he was ready to raise his offer if a friendly deal could be reached. "In order to secure a deal, if we want to move more quickly, we need to accept that there is room for discussion," he said. TotalFina launched a 42 billion euro hostile bid for Elf on July 5 and Elf responded with a 50 billion counter-bid two weeks later. Desmarest said that negotiations between the two oil giants had not yet begun. But asked if he had spoken with Philippe Jaffre, chairman of Elf, he said the two had never lost contact. "Even if there are periods of tension, it is always necessary to keep in contact," he said. After weeks of exchanges in the press, Desmarest said progress would now depend on more discretion. He repeated that the differences between the two projects were only "artificial" apart from the companies' respective plans for the chemicals divisions. Elf has intentions to spin off the combined groups' chemical activities. Jaffre has said that TotalFina lacked a chemicals strategy but he welcomed TotalFina's recognition that the chemicals division could be given separate legal status. Desmarest said that even in this area a reasonable solution could be found. He said TotalFina had shown "signs of openness" on the question and believed they had been heard by Elf.
Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NYK Opens New Planning Center in Kumamoto

On September 1, 2014, NYK and Kozo Keikaku Engineering Inc. established a stowage planning center for container shipping at the Kumamoto office of Kozo Keikaku Engineering Inc.

TNO Receives 'International Media Award for Prevention'

The Engagementgame developed by TNO in collaboration with partners is the winner of the 'International Media Award for Prevention' in the category Multi Media.

More German Shipowners Look to Gibdock for Repairs

Gibdock remarks it has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1264 sec (8 req/sec)