Elf, TotalFina Agree On Friendly Merger

French oil company TotalFina has reportedly agreed a friendly merger deal with Elf Aquitaine, bringing to an end their takeover fight and creating the world's fourth largest oil company. TotalFina Chairman Thierry Desmarest will head the new group. The board will comprise nine Elf directors, nine TotalFina directors and four directors representing the Belgian shareholders within the TotalFina board.