The Comesa Competition Commission (CCC) has confirmed receiving notification of the proposed acquisition of Marathon Oil Libya by Elf Aquitaine S.A.S, a wholly owned subsidiary of Total S.A, otherwise known as Total.
The proposed transaction involves the acquisition by Elf of the entire share capital of Marathon Oil.
Total is a publicly listed company with listings on the Paris, New York, London, and Brussels Stock Exchanges.
According to a merger notification update on the commission’s website, the parties have submitted that Total, together with its subsidiaries, is an international integrated energy producer, which has operations in more than 130 countries worldwide.
The transaction is to have an effect in all the 15 countries in the Common Market for Eastern and Southern Africa (Comesa) where Total has operations including the Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar and Malawi.
Marathan Oil is a 100 percent indirect subsidiary of Marathon Oil Corporation, an American petroleum and natural gas exploration and production company based in Houston, Texas.
In its assessment of the merger, CCC will determine whether or not the merger is likely to substantially prevent or lessen competition within the Common Market and whether the merger is or would be contrary to the public interest as provided for under Article 26 of the Comesa Merger Regulations.
The commission has since given notice to all interested stakeholders, including competitors, suppliers and customers of the merging parties, to submit written representations to the commission with regard to the proposed merger
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