The EU Commission approves, subject to remedies, a merger between two leading French oil companies (TotalFina / Elf Aquitaine)

"The case TotalFina / Elf Aquitaine: preserving a contestable and competitive market in an industry that is of a particularly sensitive nature to the consumer"* On 24 August 1999 the Commission was notified of the proposed acquisition by TotalFina of Elf Aquitaine. These two companies are the French national players in the oil industry. This transaction gave birth to the world’s fourth largest oil group valued at around € 101 billion. After a full investigation, the Commission adopted on 9 February 2000 a clearance decision conditional on the realisation of various divestitures in France. TotalFina‘s public takeover bid was initially hostile and triggered a counter offer by Elf Aquitaine. This created the unprecedented situation of two competing notifications. Elf eventually

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Henri Piffaut, Claude Rakovsky, Peter De Luyck, Alexander Schaub, The EU Commission approves, subject to remedies, a merger between two leading French oil companies (TotalFina / Elf Aquitaine), 9 February 2000, e-Competitions Bulletin Energy & Mergers, Art. N° 39301

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