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Financial Post – Canada: Not interested in Shell bid, Total CEO says

Financial Post – Canada: Not interested in Shell bid, Total CEO says

Sep 09, 2004

PARIS – Thierry Desmarest, chief executive of Total SA, yesterday poured cold water on speculation he was interested in bidding for rival Royal Dutch/Shell Group of Cos.

The current environment of high oil prices was “not conducive to profitable acquisitions,” he said. “Even if it is undergoing a difficult period now, I am sure the quality of people at Shell will help it get out of its troubles,” he said. “I don’t know who is at the origin of these rumours but it is not us.”

Total is the product of two large acquisitions, first Petrofina of Belgium in 1998, followed a year later by its larger French rival Elf.

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