Elf Responds to TotalFina Bid With Counteroffer

French oil company Elf Aquitaine today launched a counter-bid for national rival TotalFina, two weeks after TotalFina fired off a hostile attack on Elf.

Elf, Europe’s fifth-biggest oil company, said it will offer $50.78 billion in cash and stock for the firm, representing a premium of 10% over TotalFina’s Friday closing price of $66.81 on the NYSE.