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TOTALFINAELF CHOOSES BNP-PARIBAS TO TAKE OVER ANTARGAZ.

The French oil company TotalFinaElf has chosen BNP-Paribas to take over Elf-Antargaz, its subsidiary specialising in the distribution of butane/propane, the sale of which had been demanded by European competition authorities. The transfer will be conducted through Paribas Affaires Industrielles (PAI). The sale of Elf-Antargaz, valued at about FF3 billion, was ordered by European authorities as a condition for their authorising the merger of TotalFina and Elf. The Commission feared that Total, which controlled more than 20% of the French market, would find itself in a dominant position with the addition of Elf-Antargaz. The deal with BNP-Paribas must now be approved by the European Commission. Elf-Antargaz, which has a workforce of 750, distributes about 23% of the butane-propane sold in France and has a turnover of Euro 460 million. BNP Paribas will purchase 70% of capital for an undisclosed sum, with the American Amerigas (UGI group) acquiring 20% and the Italian propane-butane specialists Medit the remaining 10%.

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Publication:Europe Energy
Date:Nov 10, 2000
Words:158
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