PARIS — TotalFina of France successfully concluded a bid to acquire Elf Aquitaine in an agreement that would create the world’s fourth-largest oil company. But the European Commission said the proposed deal could reduce competition and indicated that the merger would require extensive review and revisions.
The $54.2-billion deal is the latest in a series of mergers that have reshaped the oil industry, including the combination of British Petroleum and Amoco Corp. and the pending deal that will unite Exxon Corp. and Mobil Corp.