By Nathan Allen 
 

Total SA (FP.FR) said Thursday that it will issue new shares after 44% of shareholders chose to receive the 2018 interim dividend in shares rather than cash.

The French oil major will create 14.8 million new shares--equivalent to 0.6% of its share capital--at a price of 49.30 euros ($55.38) each.

The new shares will be delivered and begin trading on April 5, Total said.

To avoid any dilution Total said it will buy back the newly issued shares with the intention of canceling them.

 

Write to Nathan Allen at nathan.allen@dowjones.com

 

(END) Dow Jones Newswires

April 04, 2019 01:25 ET (05:25 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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