Bankers and Business Leaders Play Key Roles in Elf and TotalFina Merger

The high-profile merger between oil giants Elf and TotalFina has shed light on the unexpected involvement of bankers, telecommunications executives, and other business leaders in the negotiations. Despite the focus on the oil industry, key roles were played by prominent figures from outside the sector, including Michel Pebereau, head of Banque Nationale de Paris, and Serge Tchuruk, boss of Alcatel.

Key Takeaways:

• Michel Pebereau, head of Banque Nationale de Paris, and Serge Tchuruk, boss of Alcatel, played significant roles in the weekend negotiations between Elf and TotalFina.
• Bertrand Collomb, chairman of Lafarge, and Jerome Monod, a top executive at Suez Lyonnaise des Eaux, were also involved in the negotiations as board members of one or both of the oil groups.
• Edouard de Roye`re, former chairman of Air Liquide, acted as a go-between for the two sides, with Thierry Desmarest, TotalFina boss, on Air Liquide's board.
• Eight investment banks were hired to advise on the merger, raising questions about the need for expert external advisors.
• The involvement of bankers and business leaders from outside the oil industry highlights the interconnected nature of France's business elite.
• The deal suggests that France's biggest deals are not solely the domain of individual sectors, but rather a complex web of relationships and interests.

Statistics:

• Eight investment banks were hired to advise on the merger (Financial Times, 1999).
• The involvement of prominent business leaders from outside the oil industry highlights the complexity of France's business elite.
• The deal demonstrates the interconnected nature of France's business establishment.

Sources:

• Financial Times (1999)