UPDATE: Total CFO: Co Continues To Review Buy Opportunities
May 06 2009 - 11:10AM
Dow Jones News
Oil major Total SA (TOT) continues to review acquisition
opportunities but won't consider buying units if sellers persist in
assuming a high oil price scenario, Chief Financial Officer Patrick
de la Chevardiere said Thursday.
Looking at potential buys is "normal business," he said while
speaking on a conference call to discuss the company's
first-quarter results.
But if the seller has a $80 a barrel-$100 a barrel scenario in
mind, deals won't be possible, he said.
"Many people are still thinking in a world of 80-plus dollars a
barrel scenario and they are not ready - and I mean UTS is one
example - to accept offers based on $50/barrel," de la Chevardiere
said.
Total last month withdrew its C$830 million hostile bid for
Canada's UTS Energy Corp. (UTS.T) after failing to win over enough
shareholders.
Still, "there are many areas where we have some gaps to be
filled," he said.
He went on to list Canada, the Gulf of Mexico, "any opportunity
in Brazil, of course," Australia and non-conventional gas.
-By Adam Mitchell, Dow Jones Newswires; +33 1 40171756;
adam.mitchell@dowjones.com