Total CEO Dismisses Tullow Takeover Idea

Total Chief Patrick Pouyanne dismissed the idea it might buy its partner in East Africa and Guyana, Tullow Oil, whose share price slumped to 19-year lows in December over a string of bad news, stoking takeover speculation.

Total is a partner in all growth markets for Tullow Oil whose market capitalization shrank to around 633 million pounds as of Wednesday from 3.28 billion pounds in September. It is slashing its workforce and restructuring its portfolio. Amid industry speculation about a potential Tullow takeover target, Pouyanne told Reuters when asked whether Total might buy Tullow: “Stop dreaming… No”.

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