Total confirms partial stake by Chinese state-owned fund
Bloomberg Published: April 04, 2008, 21:06
Paris: Total SA, Europe's third-largest oil company, said a Chinese state-owned fund acquired a stake.
"A Chinese state-owned fund has built up a stake gradually over the past few months," Total spokes-woman Patricia Marie said by phone on Friday from Paris. She declined to identify the fund or provide the size of the holding.
The Financial Times reported China's State Administration of Foreign Exchange built up 1.6 per cent in Total, citing an unidentified person close to the Paris-based company.
Marie said Total welcomes the Chinese investment as a way to "diversify our shareholding and open up to China".
"A stake in a multinational oil company like Total would give a reasonable return to the Chinese and is a good long-term investment," Victor Shum, senior principal at Purvin & Gertz Inc. in Singapore, said on Friday.
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