Total plans to buy French battery manufacturer Saft for €950 million to boost electricity storage technology.
The companies have agreed to an offer of €36.50 per Saft share, or a 38.3% premium over the 6 May closing price.
The battery maker’s board has unanimously approved the friendly takeover and will recommend that shareholders sell their stock, it said.
Saft produces nickel and primary lithium batteries at 14 sites around the world. It also installs lithium ion batteries to store electricity for renewable energy projects.
“The combination of Saft and Total will enable Saft to become the group’s spearhead in electricity storage”, Total chief executive Patrick Pouyanne 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.”
Image: Saft
