09 February 2000 14:03 [Source: ICIS news]
LONDON (CNI)--The European Commission (EC) said Wednesday it has conditionally approved the merger between oil and chemical groups TotalFina and Elf Aquitaine.
In a statement, the EC said the undertakings given by Franco-Belgian group TotalFina will allow effective competition within the markets which were of concern.
TotalFina and Elf have agreed to sell 70 service stations and to divest Elf Antargaz, the second largest supplier of liquefied petroleum gas (LPG) in France, plus Elf's jet fuel supply business at Lyon and Toulouse airports. TotalFina has also undertaken to sell of a large proportion of its investments in transport and storage logistics.
The EC said the remedies offered by TotalFina have made it possible to clear up all the points raised by the French authorities, which had asked the EC to refer to them certain aspects of the deal.
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