Business Report: ‘Shell might just be too big for Total to swallow’
“In Paris and London, oil analysts deemed a hostile takeover bid possible but…”
August 18, 2004
By Delphine Toitou
Paris – Amid speculation French oil group Total could attempt a hostile takeover of rival Royal Dutch/Shell, remarks by a top Total executive and market analysts suggest the time is not right for such a move.
Total declined to respond directly to what it called market rumours, but a group spokesperson referred to comments by financial director Robert Castaigne on August 5, when he said periods of high oil prices were not opportune for major acquisitions.
The spokesperson said on Monday: “A company like Total doesn’t change its strategy in the space of 10 days.”
In Paris and London, oil analysts deemed a hostile takeover bid possible as Total was in good shape financially, but said Shell’s complex corporate structure, competition questions and financial factors weighed against it.
“The arbitrage problems would be enormous and the sector of groups quoted on two different market places is extremely complicated,” said Irene Himona of Morgan Stanley.
Shell, the fourth-biggest oil group, has a two-part structure between The Netherlands and Britain.
Royal Dutch is quoted in Amsterdam, holds 60 percent and has a market capitalisation of e83.7 billion (R682 billion).
The rest is owned by Shell Transport, quoted in London with a value of £38 billion (R462 billion).
Dresdner Kleinwort Wasserstein said Shell “is probably too big to swallow”.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
