Sector News

Total completes billion-dollar Saft deal

July 20, 2016
Chemical Value Chain

Total will own 23,456,093 shares in the French battery group, representing 90.14% of the capital and voting rights of the company. Source: totalgp.com

French oil major Total has completed its acquisition of Saft, leading battery designer and manufacturer after a successful share tender.

The French General Regulation Authority (AMF) will re-open the tender in order to allow shareholders who wish to dispose of their shares a chance to do so under the same terms. Total has reportedly confirmed its intention to prioritise investment over dividend payout. If a level of 95% of the capital and voting rights of Saft Group is reached, Total will proceed with a delisting of the stock.

The settlement-delivery of the offer is expected to occur on 21 July 2016, with the tender to be re-opened from 19 July to 2 August 2016. Then, Total will own 23,456,093 shares in the French battery group, representing 90.14% of the capital and voting rights of the company.

“Total is pleased with the success of this tender offer,” said Patrick Pouyanné, chairman and CEO of Total, in a statement. “Our acquisition of more than 90% of the shares shows the confidence Saft shareholders have in our industrial project enabling Saft to accelerate its development.”

Ghislain Lescuyer, CEO of Saft Groupe, also commented: “Saft is delighted to join with Total, a major player in the energy sector, which will enable us to accelerate our development.”

The deal is to give the French energy giant a significant boost in fulfilling its pledge to become a top three solar company within 20 years, by allowing it to diversify into new technologies. In turn, Total is to provide Saft with expertise and resources to expand its commercial leverage.

The completion of the long-anticipated deal comes shortly after Total extended the terms and reduced the value of its existing credit facility with US residential installer SunPower through to 2018.

By Danielle Ola

Source: PV-Tech

comments closed

Related News

May 15, 2022

New York’s EPR and packaging reduction bills lauded as game-changers in plastic pollution battle

Chemical Value Chain

The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.

May 15, 2022

Borealis and Reclay launch entity focused on lightweight packaging 

Chemical Value Chain

The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.

May 15, 2022

Starbucks and Hubbub launch reusable packaging fund as COVID-19 diminishes consumer appetite

Chemical Value Chain

Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.