Oil Giant Total to Acquire Battery Maker Saft for $1.1 Billion
May 18th, 2016Disclosure: I sell solar power systems in New Zealand.
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*chortle*
If you can’t beat ’em…
Via: GTM:
Total, a French oil and gas giant with a $120 billion market cap, just offered to acquire French battery specialist Saft for $1.1 billion. That represents a 38 percent premium over Saft’s recent closing stock price. The supervisory board of Saft has approved the friendly acquisition offer.
Patrick Pouyanné, CEO of Total, said the offer is part of his firm’s goal to “accelerate its development in the fields of renewable energy and electricity, initiated in 2011 with the acquisition of SunPower.” In 2011 Total acquired a controlling interest in SunPower, the maker of high efficiency solar modules and project developer, for around $2.3 billion.
