Total Fina Elf holds 99.6% of PetroFina at the close of the Public Exchange Offer

16-Nov-2000

Following the PetroFina Exchange offer from October 10 to November 7, 2000 in Belgium and the United States, 202,930 PetroFina shares were exchanged. As a result, TotalFinaElf holds 99.6% of the capital of PetroFina versus 98.8% held before the offer. This offer will not be re-opened.

The new TotalFinaElf shares will be issued to the shareholders of PetroFina that responded to the offer on November 23, 2000.

In order to remunerate PetroFina shares, the creation of 913,185 TotalFinaElf shares has been initiated. The registration of these shares for quotation on the Paris Bourse and the London and Brussels stock exchanges has been applied for.

Furthermore, all the 290,882 PetroFina warrants still in circulation in the market were exchanged into TotalFinaElf warrants on November 8, 2000, and the creation of 235,614 new warrants has been initiated. These TotalFinaElf warrants give right, until August 5, 2003, to subscribe to 235,614 TotalFinaElf American Depositary Shares (ADS), representing 117,807 new TotalFinaElf shares, for the exercise price of $46.94 per TotalFinaElf ADSs. These warrants are identical to the warrants already initiated in the previous offer. Consequently, 3,581,767 TotalFinaElf warrants are currently in circulation.

TotalFinaElf will study the financial, economic, legal and fiscal conditions of a squeeze-out for the PetroFina shares which are not already in their possession following this public exchange offer, and it does not exclude proceeding in the future with such an offer.

TotalFinaElf will reintroduce its request, originally made June 10, 1999, to de-list its shares and the VVPR PetroFina strips listed on the Brussels stock exchange,.

At the conclusion of this operation, the number of TotalFinaElf shares outstanding is 739,661,587, including 35 941 147 shares being owned directly or indirectly by the Company as of October 31, 2000.

https://www.chemeurope.com/en/news/351/total-fina-elf-holds-99-6-of-petrofina-at-the-close-of-the-public-exchange-offer.html