Deals
Total Snubs ‘Expensive’ U.S. Shale With North Sea-Focused Deal
- CEO Pouyanne said Total not best fit to develop U.S. shale
- Maersk purchase gives French giant cost synergies in North Sea
Soren Skou, chief executive officer at AP Moller-Maersk A/S, discusses a deal with Total and overall outlook for the company. He speaks with Francine Lacqua and David Gura on 'Bloomberg Surveillance.' (Source: Bloomberg)
This article is for subscribers only.
When Total SA warned last month it was ready for acquisitions, U.S. shale assets weren’t at the top of its shopping list.
On Monday, the French energy giant agreed to buy the oil and gas unit of A.P. Moller-Maersk A/S, its biggest purchase since 1999. The $7.45 billion deal, including debt, reinforces Total’s footprint in conventional oil and gas assets in Europe and Africa. U.S. shale -- whose development over the past decade has upended the balance in the oil market -- won’t be part of the portfolio.