Total Buys Maersk Oil for $4.95 Billion
French oil company Total agreed to acquire Danish conglomerate A.P. Moeller-Maersk's oil unit for $4.95 billion, the latest sign activity is returning to the sector following a three-year slump in oil prices.
The companies said Total will also assume $2.5 billion of Maersk Oil's debt.
The deal is the latest sign of consolidation in the oil-and-gas industry, which is only now coming to grips with a prolonged and painful downturn.