The agreement provides that A. P. Møller – Maersk will receive the equivalent of 4.95 billion shares in Total and that Total will resume his account of the $ 2.5 billion of debt of Maersk Oil. Total issue of 97.5 million shares Total for A. P. Møller – Maersk A/S , on the basis of a price equal to the average of the prices on the twenty stock market sessions prior to the 21 August (date of signature), which will represent 3.75% of the share capital expanded Total. So as to consolidate the partnership created by this transaction is in shares, Total has also offered, subject to the approval of its shareholders, the possibility of a seat on the board of directors of Total at A. P. Møller Holding A/S, the main shareholder, A. P. Møller – Maersk.
The transaction is now subject to the legal process of information and consultation of staff representative bodies concerned and to the approval of the competent authorities. The completion of this transaction is expected to take place in the first quarter of 2018 and will have an effective date of 1 July 2017.
“This transaction represents an outstanding opportunity for Total to acquire, through a transaction in shares, a business with assets of high quality and complementary in many key regions, where Total is already present. The integration of the activities of Maersk Oil will make Total the second operator in the North Sea, ” commented Patrick Pouyanné, ceo of Total
Patrick Pouyanné has concluded : “This transaction has an immediate positive effect on the earnings and cash flow per share of the group Total and will help drive growth for years to come. “
Map of the main assets of Maersk Oil
The title Maersk takes 3% in Copenhagen
The integration of the activities of Maersk Oil will make Total the second-largest operator in the North sea, benefiting from strong positions in the United Kingdom, Norway, and Denmark, claims its CEO Patrick Pouyanné, who is quoted in the press release.
The approximation will Total to add to its reserves of approximately one billion barrels of oil equivalent, of which 85% in the OECD countries, contributing to its strategy aimed at balancing the country risk of its portfolio.
The transaction is expected to generate synergies in excess of $ 400 million per year and an immediate positive effect on the earnings per share (EPS) and cash flow per share, the precise Total.
The group hopes to finalise the transaction in the first quarter of 2018 and the board of directors of Total considers that the stock dividend is now offered without a discount in order that shareholders Total benefit of the positive impact of the acquisition of Maersk Oil on the results and cash flow of the group.