Total last week confirmed its intention to bid 0.1132 of its own common shares for each common share of Savanna but added it has yet to make a formal offer to Savanna’s board and is not guaranteed to do that.
“In this uncertain and challenging environment, Total believes the terms of the proposed offer reflect fair value,” it said, adding its intention to buy is based on the claimed support of shareholders holding more than 43% of Savanna.
Savanna
