Total Snaps Up Novatek Stake For $4B

Law360, New York (March 3, 2011, 5:07 PM EST) -- Total SA said Wednesday it will shell out $4 billion to pick up a 12 percent share in Russian gas giant OAO Novatek, a move the French energy company said would boost its footprint in the liquefied natural gas business in Russia's fast-growing energy market.

Under the terms of the deal, Total will gain a seat on Novatek's board of directors and will see its equity stake boosted to 15 percent in a year and to 19.4 percent within three years, according to the French company....
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