Total has placed a friendly tender offer to purchase Saft’s issued and outstanding shares at a price of €36.50 per share. The deal also includes ex-dividend of €0.85 per share.
According to Total, the offer represents a 38.3% premium to the Saft’s closing share price of €26.40 on 6 May.
With operations in around 19 countries, Saft is engaged in designing and producing advanced technology batteries for industry.
The firm is claimed to be one of the largest manufacturers of nickel batteries and primary lithium batteries for the industrial infrastructure and processes, transportation and civil and military electronics markets.
Through using its Li-ion technologies, the firm also produces batteries used in space and defense industry. These can also be used in the energy storage, transportation and telecommunication network markets.
Total chairman and CEO Patrick Pouyanné said: "The acquisition of Saft is part of Total’s ambition to accelerate its development in the fields of renewable energy and electricity, initiated in 2011 with the acquisition of SunPower.
"Saft’s renowned technological know-how and unique expertise have allowed it to develop innovative and competitive solutions for its clients."
Saft CEO Ghislain Lescuyer said: "I am convinced that Total will provide Saft with the required expertise and resources needed for its future development, particularly in terms of technological and commercial capabilities."
The deal is subject to review by the French Financial Markets Authority (Autorité des Marchés Financiers).
