AP Møller – Mærsk is to sell its oil and gas business to Total for $7.45 billion in a move that will enable it to focus on its core shipping and logistics operations.
It is also in the process of acquiring Hamburg Süd.
The deal is being funded by a mixture of Total shares and debt. AP Møller – Mærsk will receive shares in Total worth some $4.95bn.
APMM said: “Total will maintain Maersk Oil’s strong position in the North Sea with strong Copenhagen and Esbjerg bases and with Denmark being the operating hub for Total S.A.’s combined operations in Denmark, Norway and the Netherlands.