Total Boosts Stake in Russia’s Novatek to 15%, CFO Says

(Corrects amount purchased to 0.3 percent in second paragraph of story initially published April 27.)

Total SA (FP) boosted its stake in OAO Novatek to 15 percent, according to Chief Financial Officer Patrick de la Chevardiere.

The French oil company acquired about 0.3 percent of Novatek on the market for about $120 million, he said on a conference call on first-quarter earnings.

“There is no emergency” to reach a 19 percent holding, de la Chevardiere said.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net

To contact the editor responsible for this story: Tara Patel at tpatel2@bloomberg.net

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