EU approves Totals purchase of Maersk Oil
The European Commission has approved the French oilcompany Total’s purchase of Maersk Oil, the EC writes in its newsletter. The deal was announced by Maersk Oil in August and a final date for the EC decision, was set for Friday this week.
Total S.A has been given green light to purchase Maersk Oil for the price of 7,45 billion dollars. The deal is expected to be finalized in the first quarter of next year.
It has been agreed that A.P. Møller - Mærsk receives a 3.5 percent stake in total as part of the payment plan. Meanwhile Total takes over dept responsibility of 2.5 billion dollars and closure costs valued at 2.9 billion.
In September it was announced that Gretchen Watkins, CEO of Maersk Oil, has decided to step down from her position, when Total takes over the company, while Morten Rune Pedersen, who holds the title of COO in Maersk Oil, will continue as Vice President of Total’s operations in Denmark, Norway and Holland.
Troels Albrechtsen, who is currently CTO of the company, will be appointed to Vice President of the technical center, Total is going to establish in Copenhagen. This will become part of Total’s global technical organization.
Redaktionen / Maritime Denmark