French oil firm Total to buy Saft battery maker
The agreed bid targets all of Saft’s shares at a price of 36.50 euros per share
PARIS: French oil giant Total announced Monday a 950-million-euro ($1.1-billion, Dh4.04 billion) friendly takeover bid for high technology battery maker Saft as it seeks to expand its electricity and renewable energy business.
The agreed bid targets all of Saft’s shares at a price of 36.50 euros per share, representing a premium of 38.3 per cent compared to Friday’s closing price, the oil company said in a statement.
Total, which like other oil majors has been battling with persistently weak oil prices, said last month it would set up a new branch for gas, renewable energy and electricity.
The company already has a more than 57-per cent stake in US solar panel and power station maker SunPower.
“The combination of Saft and Total will enable Saft to become the group’s spearhead in electricity storage,” chairman and chief executive Patrick Pouyanne said in a statement....MORE