Maersk jumps 5% after $7.45 billion deal to sell oil business to Total


Shares of A.P. Moeller-Maersk AS

MAERSKB, +4.14%

MAERSKA, +3.94%

rallied 5.1% in Copenhagen on Monday after the Danish oil and shipping giant said it has agreed to sell its oil and gas unit to French energy major Total SA

FP, -0.60%

TOT, +1.22%

for $7.45 billion. Total will pay for Maersk Oil with a mix of $4.95 billion worth of shares and $2.5 billion in short-term debt, giving the Danish conglomerate a 3.76% stake in Total. With the sale, Maersk has now started the process of divesting its energy units and will instead focus on its transport business. Maersk is the world’s biggest shipping company. Shares of Total were down 0.6% in early European trade.