Newsletter| How Total’s CEO pounced on Anadarko’s African energy assets
The assets stretching from Algeria to South Africa bolster Patrick Pouyanne’s effort to refocus Total on operations in Africa, the North Sea, deep offshore and liquefied natural gas .
“Pouyanne proceeded in the same way he did with previous deals: a restricted task force, no bankers and no external counsel,” another source, close to the deal, told Reuters. The deal depends on Occidental completing the Anadarko merger. "Total was already familiar with Anadarko’s portfolio. At some point, they took a closer look at Anadarko’s assets, particularly in Africa. There were some discussions, but they did not go any further," an industry source said.
He has surprised investors with his acquisitions, such as buying Maersk’s oil and gas business in 2017 and Engie’s upstream LNG operations in 2018, setting one deal in motion after an unsolicited phone call with the controlling shareholder. Pouyanne’s move to buy Anadarko’s assets, the French firm’s biggest acquisition since taking over Elf almost two decades ago, will add 5% to Total’s output by 2025, said Bernstein analysts, who rate Total’s shares"outperform".
“She did not let the phone get cold. She left and flew to Paris overnight, met with them and heard their deal.” Occidental did not comment on the account.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Total to buy Anadarko's Africa assets if Occidental wins takeover fightTotal said it has reached a deal with Occidental to acquire Anadarko Petroleum's oil and gas assets in Africa.
Read more »
Business Maverick: South African Assets Signal Rising Anxiety as Election NearsSouth African assets are signaling increasing investor anxiety about Wednesday’s election, with the fate of the rand and government bonds tied to the extent of the ruling African National Congress’ expected majority and what that implies for policy.
Read more »
Business Maverick: Barrick CEO Expects to Raise $1.5 Billion Through Asset SalesBarrick Gold Corp., which completed its acquisition of Randgold Resources Ltd. at the beginning of the year, has identified $1.5 billion in assets the miner intends to sell, Chief Executive Officer Mark Bristow said.
Read more »
Former BP and Equinor executive to lead African Energy Chamber in AngolaThe African Energy Chamber works with governments and businesses to boost the growth of the African energy sector.
Read more »
Utility CEOs from the continent to attend African Utility Week, POWERGEN Africa in Cape TownSouth Africa’s energy minister, Jeff Radebe, is expected to deliver the opening keynote address at the conference.
Read more »
AngloGold Ashanti to review divestment options for SA assetsThe gold miner’s current South African assets include underground Mponeng mine, the world’s deepest gold mine, and a surface rock dump processing business and a mine waste retreatment operation.
Read more »
AngloGold to exit its last SA assetsThe metal is hardly changed ahead of trade negotiations, while demand for government bonds and yen keep a cap on gains
Read more »
Steinhoff paints gloomy outlook as 2017 losses shrink asset pool
Read more »
SA assets signal investor angstDifficult road ahead for Ramaphosa makes many wary
Read more »
NEWS ANALYSIS: SA is dragging its feet on energy transitionThe move towards renewables and a low carbon economy needs a coherent plan and some serious thought
Read more »