Total to Acquire Maersk Oil & Gas

The Board of Directors of Total and A.P. Møller – Mærsk have approved Total’s $7.45 billion acquisition of Maersk Oil & Gas A/S, a wholly owned subsidiary of A.P. Møller – Mærsk A/S.

Under the terms of the agreement, A.P. Møller – Maersk will receive a consideration of $4.95 billion in Total shares and Total will assume $2.5 billion of Maersk Oil’s debt. Subject to shareholder approval, Total has also offered a seat on its Board of Directors to A.P. Møller Holding A/S, the main shareholder of A.P. Møller – Mærsk.

The proposed transaction is subject to the applicable legally required consultation and notification processes for employee representatives and to approvals by the relevant regulatory authorities. The transaction is expected to close in first quarter 2018.

“This transaction delivers an exceptional opportunity for Total to acquire, via an equity transaction, a company with high quality assets which are an excellent fit with many of Total’s core regions,” Patrick Pouyanné, Total Chairman and CEO, said. “The combination of Maersk Oil’s North Western Europe businesses with our existing portfolio will position Total as the second operator in the North Sea with strong production profiles in UK, Norway and Denmark, thus increasing exposure to conventional assets in OECD countries.  Internationally, in the US Gulf of Mexico, Algeria, East Africa, Kazakhstan and Angola there is an excellent fit between Total and Maersk Oil’s businesses allowing for value accretion through commercial, operating and financial synergies.”