4th Apr 2006 07:39
Total S.A.03 April 2006 TOTAL SATISFIED BY THE ARBITRAL AWARD IN ITS DISPUTE WITH SCH CONCERNING CEPSA April 3, 2006 - The Netherlands Arbitration Institute (NAI) delivered today itsdecision to both parties, Santander Central Hispano (SCH) and Total, in thearbitration. Total acknowledges the work of the arbitrators appointed by the NAI in theiranalysis of this litigation and is satisfied with the principal decisions of theaward: - SCH's failure to comply with its contractual and legal obligation to act in good faith; - the return to Total of its 8.31% interest in Cepsa currently held via Somaen Dos, a holding company in which SCH and Total are shareholders; - the recognition of Total's right to exercise its call option against SCH over 4.35% of Cepsa at a price estimated today at below 5 euros per share; The award rendered by the NAI will be supplemented in due course by a decisionconcerning notably the damages to be borne by SCH. Total is very satisfied to be the shareholder of reference of Cepsa, the 2ndSpanish oil and gas company and plans to continue to support the development ofthis company. Total is the fourth largest oil and gas company in the world with operations inmore than 130 countries. Total's activities cover the whole energy chain of thepetroleum industry: exploration, oil and gas production, refining and marketing,trading and power generation. The Group is also a major player in chemicals.Total has more than 111,000 employees worldwide. More information can be foundon the company's website: www.total.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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