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Total swallows most of SAFT

Thu, 07/28/2016 - 18:00 -- Vic
Total swallows most of SAFT

Total says it has completed its friendly takeover of battery maker Saft after a successful public tender offer.

Total announced in May that it would acquire Saft in a bid to enhance its renewable energy technology porfolio. The deal was valued at around $1 billion.

A July announcement from Total says that the French oil giant now holds just over 90% of Saft Groupe’s capital and voting rights, and that it will re-open the tender until early August to enable Saft’s remaining shareholders to participate in the deal.

In April Total created a gas, renewables and power division and announced plans to become a leader in the renewable energy and electricity storage markets. Its renewable energy portfolio includes solar energy firm SunPower.