Total Exercises Preemptive Rights Over Dutch Refinery Stake

French oil group Total SA (TOT) exercised its preemptive rights over the shares of Dutch refinery of Vlissingen that were offered by U.S.-based Dow Chemical Co. (DOW), it said Friday.

Total is the majority shareholder of Vlissingen with a 55% stake while Dow Chemical owns 45% of it.

Concurrently, Russia's Lukoil Holdings (LKOH.RS) submitted to Total a binding purchase offer for the shares that Dow Chemical has offered, "which constitutes the development of a new partnership between the two companies," the French group said.

Company Web site: www.total.com

-By Geraldine Amiel, Dow Jones Newswires; [phone]; [e-mail];