A.P. Moller – Maersk $7.45 billion disposal of Maersk Oil to Total
Davis Polk is advising A.P. Moller – Maersk A/S in connection with its $7.45 billion disposal of Maersk Oil to Total S.A. Under the agreed terms, Maersk will receive $4.95 billion in new Total shares, representing approximately 3.76% of the enlarged share capital of Total, and Total will repay $2.5 billion of Maersk Oil’s debt to Maersk at or shortly after closing. The transaction is expected to close in the first quarter of 2018, subject to the completion of customary closing conditions, including receipt of regulatory approvals.
A.P. Moller – Maersk is an integrated transport and logistics company with multiple brands and is a global leader in container shipping and ports. Including a stand-alone Energy division, the company employs roughly 88,000 employees across operations in 130 countries. Headquartered in Copenhagen, Denmark, and listed on Nasdaq Copenhagen, it is the largest container ship operator in the world. Maersk Oil and Gas is an international oil and gas company with a 2016 entitlement production of 313,000 barrels of oil equivalent per day. Production comes from Denmark, the United Kingdom, Norway, Kazakhstan, the U.S. Gulf of Mexico and Algeria, and exploration and development activities are on-going in Angola, Kenya, Brazil and the Kurdistan Region of Iraq. Total is an integrated energy producer and provider, international oil and gas company, and a major player in solar energy with SunPower and Total Solar. Headquartered in Paris, France, and listed on Euronext Paris and the New York Stock Exchange, Total is the world’s fourth-largest oil and gas company.
The Davis Polk corporate team includes partners Will Pearce and Christophe Perchet, counsel Juliette Loget and associates Fiona Tregeagle and Stéphane Daniel. Counsel Nicholas Spearing and associate Devin Anderson are providing antitrust and competition advice. Partner Jonathan Cooklin and counsel David Wilson are providing tax advice. Members of the Davis Polk team are based in the London and Paris offices.