Maersk sells oil division to Total

Maersk Oil has been sold for USD 7.45 billion to the same competitor that nabbed Al Shaheen from the Danish company.

Photo: /ritzau/CLAUS BONNERUP

Maersk Group has sold Maersk Oil to the French oil company Total today, Monday. The sale cashes in USD 7.45 billion for the group and is expected to be finalized in the first quarter 2018, writes Maersk in a corporate statement.

The transaction will be paid with the issue of 97.5 million Total shares to Maersk Group, corresponding to around 3.76 of the French oil major. As part of the payment, Total will take over short-term debt of USD 2.5 billion, which will be transferred from Maersk's parent company to Maersk Oil, while the French firm will also take over all of Maersk's decommissioning commitments, currently worth USD 2.9 billion.

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