The Guardian: Some Total for sale:  BP and Shell… may come under pressure this morning as the City digests a huge share placing in French oil group Total.” (ShellNews.net)

Wednesday September 29, 2004

BP and Shell, which closed 7p higher at 539p and 1.75p lower at 407.5p respectively, may come under pressure this morning as the City digests a huge share placing in French oil group Total.

After close of business yesterday, a number of leading investment banks were asked to bid for the right to place 2.3% of Total which, on last night's closing price of €170, is worth €2.5bn (£1.7bn).

It was not clear last night who the seller was, though speculation centred on the French government. Total is the world's fourth biggest oil company.

With the crude price hitting a record high, traders said they were not surprised someone was looking to sell.

http://www.guardian.co.uk/oil/story/0,,1315173,00.html