Elf plans to fight unsolicited $43 billion takeover bid from rival TotalFina—calls all-stock bid hostileTotalFina launched its offer July 5 in an attempt to create the world’s fourth largest oil company in terms of capitalization; bid has backing of French government by The Associated Press
Elf Aquitaine SA chairman Philippe Jaffre vowed July 6 that the French oil company will fight an unsolicited $43 billion takeover bid from rival TotalFina SA.
In a speech to senior management, Jaffre said it was too early to outline Elf’s defense, but he predicted that Total’s bid would fail.
Tota....
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Poor timing, says Jaffre
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