Total SAhas gained majority control of French battery company Saft Groupe, followingthe conclusion of a public tender offer.
Total, another France-headquartered company, initiated the offerto acquire Saft Groupe shares for €36.50 apiece to " its development in the fieldsof renewable energy and electricity." At settlement of the offer, Totalwill hold 23,456,093 Saft shares, representing 90.14% of the capital and votingrights, according to a July 18 news release.
"Our acquisition of more than 90% of the shares showsthe confidence Saft shareholders have in our industrial project enabling Saftto accelerate its development," said Total Chairman and CEO PatrickPouyanne.
The offer will be reopened from July 19 to Aug. 2 to allowshareholders who have not yet disposed of their shares to do so under the sameterms. Total plans to delist Saft stocks, which are trading on Euronext Paris,if it acquires 95% of Saft's capital and voting rights.
As of July 18, US$1was equivalent to 90.37 euro cents.