Danish firm, A.P. Moller-Maersk announced this morning that it has agreed to sell its oil and gas business to French company, Total S.A for $4.95 billion.
The proposed deal, per this Fortune article, is the “company’s biggest acquisition since 1999”, and values Maersk at $7.45 billion (including debt).
The transaction is anticipated to increase Total’s overall production by 160,000 barrels per day by 2018.
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