The Chinese have been continually interested in acquiring oil properties. Any reason why they would not be allowed to acquire Total? They want the commodity and investors could also seemingly justify a large premium considering the tax potential improvement.
It would cause an uproar in France. It is their national oil company. If you remember the CNOOC-Unocal deal a few years ago, multiply the political opposition by two.
France doesn't tax our foreign production income and given that our domestic refineries are losing money anyways, higher taxes don't hurt us as much as you would think. One area of concern is the North Sea, but Scandinavia is very healthy fiscally, the UK has its own currency and has decent health, and the Netherlands is doing ok, or at least better than France let alone Italy and Spain.