Total SA's (TOT) chief executive tells Les Echos on Wednesday that a consolidation in the oil industry "isn't impossible" with valuations "not huge," but that his company isn't threatened and a takeover bid for Total would be unrealistic.
Christophe de Margerie said oil companies have a lot of money and should start looking at deploying those assets. "But as far as we are concerned, we are better placed than others," he said. "We have a potential that allows us to continue to grow without a large acquisition."
Asked about Total's role in the nuclear industry, Margerie rejected the idea of taking a minority stake in French nuclear engineering company Areva SA (CEI.FR) and suggested there are alternative ways Total can participate, such as managing major projects, making investments and building long-term relationships abroad.