Moeller-Maersk shares are rallying today (+3.95%), after French multinational petroleum refining company Total announced it would be buying Maersk Oil in a $7.45 billion deal. Under the deal, shipping giant Maersk will get $4.95 billion in Total shares, while Total will assume $2.5 billion of Maersk Oil's debt. The deal is slated to boost Total's earnings and cash flow in the long term.
Elsewhere, India's Essar Oil is being sold to a consortium led by major Russian oil firm Rosneft. According to OPEC data, Russia narrowly beats out Saudi Arabia to claim top spot as the worlds largest oil producer (10,551,497 barrels per day). This deal will strengthen ties between the most prolific oil supplier in the world and the fastest growing fuel consumer (India).
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