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Total's purchase of Maersk oil approved

Total's purchase of Maersk oil approved

02-03-2018 10:00:00

The Danish Energy Agency has approved the sale of A.P. Møller - Mærsk A/S's Mærsk Olie & Gas A/S, Maersk Oil, to the global major oil company Total S.A. The deal entails that Total takes over Maersk Oil's organization, portfolio, obligations and rights with a few conditions as part of the deal

"The sale of Maersk Oil to Total was announced on 21 August 2017, with legislatives pending from relevant authorities. As earlier announced, the transaction is expected to be finalized during the first quarter of 2018." A.P. Møller - Mærsk A/S writes in a statement.

The Danish Energy Agency's approval of the transaction depends on specific requirements being fullfilled, including that A.P. Møller - Mærsk, as salesmen, takes secondary responsibility for the closure of existing Danish offshore installations corresponding to Maersk Oil's 31.2 percent cut they are in possesion of in the Danish Underground Consortium, DUC, if the case is that Total are not able to finance such costs.

The information given in the statement does not change A.P. Møller - Maersk's previous financial statement for 2018.

The EU Commission approved Total purchase of Maersk Oil November 2017. Total S.A. paid 45 billion USD. Part of the deal includes that A.P. Møller Maersk receives a 3.5 percent stake in Total, while Total acquires 2.5 billion USD debt and the costs of closing Danish offshore installations which will cost close to 2.9 billion USD.

Source:A.P. Møller - Mærsk A/S / Maritime Denmark

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