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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 Total SA Sponsored ADR Class B 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.

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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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