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. Last Updated: 07/27/2016

TotalFina to Sell Assets

PARIS -- Franco-Belgian oil group TotalFina, which is merging with rival Elf Aquitaine, plans to sell assets worth 6 billion euros ($5.9 billion) over the next two years, TotalFina's chairman said in an interview published Wednesday.

The sale of assets was ordered by the European Commission, the executive body of the European Union, when it approved TotalFina's takeover of Elf Aquitaine last week.

Cutting Elf's stake in pharmaceuticals group Sanofi-Synthelabo to 20 percent from 35 percent could provide 4 billion euros of the total, chairman Thierry Desmarest told the French business daily La Tribune. The rest would come from divesting financial holdings and some marginal assets from the exploration-production and refining sectors, as well as from the sale of assets already ordered by the European Commission.