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Maersk Sells Total's Shares

Image: Maersk

Laxman Pai

Danish business conglomerate A.P. Møller - Mærsk said it is putting up for sale its shares in the French oil company Total S.A, which Mærsk got in exchange for its oil business Maersk Oil in early 2018.

Maersk Oil Trading and Investments (MOTI) is offering its entire stake of 17,272,593 ordinary shares in Total, which represents approximately 0.65% of capital of the French oil giant.

The result of this placement with institutional investors will be announced at the end of the transaction, a statement said.

Total shares are listed on the Euronext Paris exchange and were trading at 51.54 euros on Tuesday at around 5:30 p.m, so if all the shares are sold at current prices the Maersk could raise about 890 million euros or about $1 billion.

Maersk said it expects MOTI to hold no shares in Total when the divestment is completed.

Barclays Bank PLC and Citigroup Global Markets Ltd. have been appointed by MOTI to act as Joint Global Coordinators and Bookrunners for the Placing.

Mar 20, 2019

 

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