TotalErg is born

abarrelfullabarrelfull wrote on 04 Oct 2010 06:32
Tags: erg investing italy refinery total

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TotalErg is operational from today. In fact, the merger between ERG Petroli and Total Italia (press release dated 28 January 2010) is now effective, following the closing of the joint venture transaction between shareholders ERG (51%) and TOTAL (49%).

The shareholder pacts provide for joint governance and the operational independence of TotalErg.

As part of the transaction, TOTAL has paid ERG the amount of 101 million Euro for its 49% stake in TotalErg, against an initial share swap of approximately 63% for ERG and around 37% for TOTAL.

This amount corresponds to the economic value of approximately 65 million Euro, already announced in January, adjusted to take account of the actual net financial debt and working capital reflected in the parties' financial positions.

The Board of Directors of TotalErg, which held its first meeting today, has appointed Claudio Spinaci as Managing Director and Philipe Nelis as General Manager of the Company. Chairman of the joint venture is Pier Francesco Pinelli and Deputy Chairman is Eric de Menten de Horne.

TotalErg is born

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