PARIS, FRANCE – In a debt for stock swap, petroleum company Total has acquired Maersk Oil & Gas from A.P. Moller.
The Scandinavian transportation and energy company will receive nearly $5 billion in Total stock, while Total takes on $2.5 billion in debt from Maersk Oil & Gas. Total has also offered a seat on its board to A.P. Moller’s main shareholder.
Patrick Pouyanne, chairman and CEO of Total, said Maersk Oil & Gas was a company with high quality assets they were excited to add to their portfolio.
Adding Maersk’s energy holdings in North Western Europe will make Total the second largest off-shore operator in that region, with operations in the North Sea, as well as the United Kingdom, Norway and Denmark. Between the two companies Total now has operations in the United States Gulf of Mexico, Algeria, East Africa, Kazakhstan and Angola, as well.
Maersk’s Denmark location will become the new anchor point for Total’s North Sea and Scandinavian operations.
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