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Oil major Total says $7.45 bln Maersk Oil deal to boost earnings
August 21, 2017 / 7:00 AM / 3 months ago

Oil major Total says $7.45 bln Maersk Oil deal to boost earnings

PARIS, Aug 21 (Reuters) - French oil major Total said on Monday that its acquisition of Maersk Oil for $7.45 billion would boost its earnings and cash flow, and bolster its dividend prospects.

“This transaction is immediately accretive to both cash flow and earnings per share and delivers further growth over coming years,” said Total chief executive Patrick Pouyanne in a statement.

“It is in line with our announced strategy to take advantage of the current market conditions and of our stronger balance sheet to add new resources at attractive conditions,” he added.

Total said the acquisition was expected to result in synergies of more than $400 million a year. (Reporting by Sudip Kar-Gupta; Editing by Bate Felix)

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