In an effort to enhance its renewables business, oil giant Total has proposed to acquire Saft, a France-based developer and manufacturer of batteries used in the energy storage, transportation and telecommunication network markets, among others.
“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,” says Patrick Pouyanné, chairman and CEO of Total. “It will notably allow us to complement our portfolio with electricity storage solutions, a key component of the future growth of renewable energy.”
The proposed offer will target all of Saft’s issued and outstanding shares at a price of EUR 36.50 per share, ex-dividend of EUR 0.85 per share, valuing Saft’s equity at EUR 950 million (approximately $1 billion).
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 acquisition is subject to review by the French Financial Markets Authority, which will evaluate its compliance with applicable laws and regulations.
“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,” says Ghislain Lescuyer, CEO of Saft. “This transaction will benefit Saft’s clients and employees, who will be joining a major player in the energy space.”