Total Exercises Preemptive Rights Over Dutch Refinery Stake
June 19 2009 - 2:47AM
Dow Jones News
French oil group Total SA (TOT) exercised its preemptive rights
over the shares of Dutch refinery of Vlissingen that were offered
by U.S.-based Dow Chemical Co. (DOW), it said Friday.
Total is the majority shareholder of Vlissingen with a 55% stake
while Dow Chemical owns 45% of it.
Concurrently, Russia's Lukoil Holdings (LKOH.RS) submitted to
Total a binding purchase offer for the shares that Dow Chemical has
offered, "which constitutes the development of a new partnership
between the two companies," the French group said.
Company Web site: www.total.com
-By Geraldine Amiel, Dow Jones Newswires; +33 1 40171740;
geraldine.amiel@dowjones.com;