London-Abu Dhabi's International Petroleum Investment Company February 16 launched a takeover bid for the 53% it does not currentl own in Spanish refiner Cepsa, with France's Total agreeing to sell most of the shares for around $5 billion. The deal marks the biggest foray to date into the European refining market by a company from outside the continent, and at the same time gives impetus to Total's plans to scale back its exposure to the sector.
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