Total
statement on SCH offer to purchase 16% of CEPSA
Posted: 26 September 2003
Total has acknowledged the public offering to purchase 16 per
cent of the capital of CEPSA, submitted today by Banco Santander
Central Hispano (SCH) to the CNMV (National Securities Market Commission)
in Madrid.
Total would like to add that it is not linked in any way to this
initiative by SCH, and that Total was not consulted prior to the
submission of this offer.
Total considers that SCH has hastily interpreted the Spanish law
26/2003 of July 17, 2003 and that SCH has acted in violation of
the mutual agreements governing their relations in CEPSA since 1990.
Total has always been of the view that CEPSA must pursue its development
in an efficient manner.
Total is ready to take the necessary steps to protect its rights
and the interests of its shareholders.
For more information see http://www.total.com.
Posted by Richard Price,
Editor Pipeline Magazine
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