The assets stretching from Algeria to South Africa bolster Patrick Pouyanne’s effort to refocus Total on operations in Africa, the North Sea, deep offshore and liquefied natural gas .
“Pouyanne proceeded in the same way he did with previous deals: a restricted task force, no bankers and no external counsel,” another source, close to the deal, told Reuters. The deal depends on Occidental completing the Anadarko merger. "Total was already familiar with Anadarko’s portfolio. At some point, they took a closer look at Anadarko’s assets, particularly in Africa. There were some discussions, but they did not go any further," an industry source said.
He has surprised investors with his acquisitions, such as buying Maersk’s oil and gas business in 2017 and Engie’s upstream LNG operations in 2018, setting one deal in motion after an unsolicited phone call with the controlling shareholder. Pouyanne’s move to buy Anadarko’s assets, the French firm’s biggest acquisition since taking over Elf almost two decades ago, will add 5% to Total’s output by 2025, said Bernstein analysts, who rate Total’s shares"outperform".
“She did not let the phone get cold. She left and flew to Paris overnight, met with them and heard their deal.” Occidental did not comment on the account.
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