Merger of TotalFina with Elf Aquitaine
In 1999, the Boards of Directors of TotalFina and Elf Aquitaine recommended to their shareholders that the two companies merge through a public exchange offer. Following the offer, TotalFina acquired the 254,345,078 shares of Elf Aquitaine in exchange for 371,735,114 new TotalFina shares. In 2000, the Board of Directors launched a public buyback offer for all the Elf Aquitaine shares not yet held by the Company. Upon completion of this offer, TotalFinaElf acquired 10,828,326 shares of Elf Aquitaine in exchange for 14,437,768 new TotalFinaElf shares.
As a result of the public buyout offer followed by a squeeze-out announced on March 24, 2010, TOTAL S.A. (formerly TotalFinaElf) now holds 100% of the shares issued by Elf Aquitaine.