Maersk Sells Oil and Gas Division to Total
Maersk will receive 97.5 million shares in Total
AP Moeller-Maersk (AMKBY) shares gained in the first minutes of trading Monday after it said it had sold its oil and gas division to Total (TOT) - Get Report .
The French oil and gas giant picked up the assets for $7.45 billion in a combined share and debt transaction.
Maersk shares were up 4.61% in the first 15 minutes of trading, changing hands at Dkr 13,360. Meanwhile, Total shares were down 0.64% to change hands at €42.39.
Maersk will receive 97.5 million shares in Total with a value of $4.95 billion equal to approx. 3.76% of Total. According to FactSet data this will make Maersk its biggest shareholder.
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