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ELF IMPLEMENTS MERGER AGREEMENT BY APPOINTING TRANSITORY CEO.

The Board of Directors of French oil company Elf Aquitaine met on November 4 under the chairmanship of Philippe Jaffre and took note of the results of offer made by rival oil group TotalFina. Elf Aquitaine shareholders overwhelmingly approved the friendly merger agreement concluded between the two groups on September 13. In implementing this agreement, Philippe Jaffre resigned as Chairman and member of the Board of Directors. Under his impetus, and in full agreement with the Board of Directors and its continuous support, Elf Aquitaine experienced a rapid, profound and very positive transformation, namely on industrial and commercial competitiveness and exploration-production, refining-marketing, chemicals and pharmaceuticals. "This in-depth action resulted in a continuous and rapid improvement of Elf Aquitaine's performance", said a statement of the Board. Financial results were multiplied by six. The group's value tripled from FF 107 billion at the time of privatisation on February 14, 1994, to FF 338 billion on September 13, 1999, the date of the merger agreement with TotalFina. Following Mr Jaffre's resignation, under the chairmanship of the senior board member, Jacques Friedmann, the Board elected Pierre Vaillaud to the position vacated by Mr Jaffre and then as Chairman of the Board of Elf Aquitaine. Pierre Vaillaud, an engineer in the Corps des Mines, was Chairman and President of Technip from 1992 to 1999. Previously, he was a Director at Atochem, the joint chemicals subsidiary of Elf Aquitaine and Total. He then held several positions at Total, where he was head of gas, of development, the director of subsidiaries, Chairman and President of Total Exploration-Production, President of Total and Chairman and President of Total-Chimie.

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Comment:ELF IMPLEMENTS MERGER AGREEMENT BY APPOINTING TRANSITORY CEO.
Publication:Europe Energy
Geographic Code:4EUFR
Date:Nov 10, 1999
Words:269
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