International law firm Freshfields Bruckhaus Deringer which has MENA offices in Bahrain, Saudi Arabia and the UAE has advised French energy group Total on the sale of its 48.8% stake in the Spanish oil company Cepsa to International Petroleum Investment Company which already owns 47% stake in Cepsa will launch a public takeover offer to acquire the Cepsa shares it does not own.

The offer price will be EUR 28 per share, plus a dividend of EUR 0.50 per share resulting in an implied equity value of Cepsa of approximately EUR 7.5 billion. Total has agreed to tender its shares in the offer or alternatively, subject to certain conditions, transfer them at the same price to IPIC outside the offer.