Total has completed its 'friendly' takeover of battery maker Saft after a successful public tender offer.
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 per cent 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.