Total To Pay $7.45bn for Maersk Oil

Total To Pay $7.45bn for Maersk Oil

"The separation of the energy businesses was decided as part of last year's strategic decision to focus A.P. Moller-Maersk's future activities on transport and logistics, as well as a result of recent years' oil and gas industry and market developments", the conglomerate said.

Total's acquisition of Maersk Oil is one of the biggest oil-sector deals since Shell's roughly $50 billion acquisition of BG Group past year.

Maersk shares were up 4.61% in the first 15 minutes of trading, changing hands at Dkr 13,360.

Total will pay for the deal with $4.95 billion in shares, while also taking on $2.5 billion in Maersk oil debt. That will make the Danish company the second-largest investor in the French giant, according to data compiled by Bloomberg.

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Until Total's deal on Monday, numerous acquirers were private-equity firms and smaller players, eager to get a foothold major oil hubs like the North Sea.

Alongside Maersk Oil's UK North Sea assets, Total will also take over its Danish and Norwegian operations.

The energy research firm Wood Mackenzie called the deal the biggest North Sea transaction since the merger of Norway's Statoil with the Norwegian aluminum and renewable energy firm Norsk Hydro more than a decade ago. It is expected to close in the first quarter of next year.

"The combination with Maersk Oil offers Total an exceptional overlap of upstream businesses globally which will enhance Total's competitiveness and value in many core areas, in particular through some high quality growing assets and through the delivery of synergies", the French company said.

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For Total, acquiring Maersk will boost its technology portfolio which can be applied to its Middle East and North Africa assets.

Total is a global integrated energy producer and provider, a leading worldwide oil and gas company, and a major player in solar energy with SunPower and Total Solar. Total said the production it is buying from Maersk can generate free cash flow at less than $30 a barrel.

The oil division of A.P. Moller-Maersk grew out of the split from the company previous year and it started 2017 by saying it was working to improve its efficiency under the reorganization by cutting about 160 positions.

"This may not be the final word from Total", he said.

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