BRUSSELS Belgium AP France's oil giant Total SA took over the Belgian petrochemicals company Petrofina SA to create the sixth-largest oil company in the world and the third-largest in Europe the companies announced Tuesday. The new company known as Total Fina will be quoted on the Paris Brussels New York and London stock exchanges a Petrofina statement said. The move was the latest in a series of mergers affecting the global oil market. ``The combination of Total and Petrofina will allow the new entity to capture substantial productivity gains particularly in the North Sea and to expand its positions in the deep offshore United States Angola'' Petrofina said in a statement. The market capitalization of both companies combined stood at 1391 billion Belgian francs dlrs 39.9 billion. Petrofina's stock stood at 14250 francs dlrs 407.9 Friday before it was suspended for Monday's trading. The deal put the value at 19.482 francs dlrs 557.7 a jump in value of more than a third. The agreement is based on a stock swap that provides nine Total Fina shares for two Petrofina shares. Total Fina will have a controlling stake in 41 percent of Petrofina which specializes in refinery. ``In refining-marketing Total Fina will hold solid positions'' in the European Union. ``Joint management of the refineries and the marketing networks should yield substantial productivity gains'' the statement said. A combined general meeting of shareholders has been called for Jan. 14 to approve the agreement. Total said a public offering on the remaining Petrofina shares will follow. The move made Belgian investor Albert Frere who controlled 30 percent of Petrofina shares the biggest shareholder of Total Fina. Petrofina stock has been gaining ground in recent days on rumors that the company was in talks with France's Elf Aquitaine SA Total SA and Italy's ENI SpA. Petrofina which employs 15000 people worldwide is one of Belgium's biggest industrial companies. It has interests in other enterprises including energy company Electrabel utilities company Tractebel SA and holding companies Companie National a Portefeuille Sidro Sofina SA Groupe Bruxelles Lambert SA and Electrafina SA. APW19981201.0165.txt.body.html APW19981201.0383.txt.body.html