© andreypopov dreamstime.com Business | May 10, 2016
Total made an offer for Saft
Following the signing of an agreement between the companies, Total filed a friendly tender offer on all of the issued and outstanding shares in the capital of Saft with the French Financial Markets Authority.
The proposed offer will target all of Saft’s issued and outstanding shares at a price of EUR 36.50 per share, valuing Saft’s equity at EUR 950 million. The Supervisory Board of Saft has unanimously approved the takeover by Total and considers the proposed transaction to be in line with the interests of the company, its shareholders and its employees. “The combination of Saft and Total will enable Saft to become the Group’s spearhead in electricity storage”, said Patrick Pouyanné, Chairman and CEO of Total. "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. It will notably allow us to complement our portfolio with electricity storage solutions, a key component of the future growth of renewable energy. This transaction will also enable Saft, its management and employees to benefit from Total’s technical, industrial, commercial and financial support. In addition, this transaction will enable Saft to successfully accelerate its development," Pouyanné continued. Ghislain Lescuyer, Saft’s CEO, commented, "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. This transaction will benefit Saft’s clients and employees, who will be joining a major player in the energy space."
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