Elf sets deadline

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The Independent Online
OIL COMPANY Elf Aquitaine will give itself 12 months to spin off its chemicals business if it wins a merger battle with rival TotalFina, Elf Atochem chairman Jacques Puechal told a news conference yesterday.

On 5 July, TotalFina launched a bid for control of Elf. Elf, calling Total's move hostile, counterbid two weeks later.