PARIS: French oil giant Total announced Monday a 950-million-euro ($1.1-billion) friendly takeover bid for high technology battery maker Saft as it seeks to expand its electricity and renewable energy business.
The agreed bid targets all of Saft’s shares at a price of 36.50 euros per share, representing a premium of 38.3 percent compared to Friday’s closing price, the oil company said in a statement.
Total, which like other oil majors has been battling with persistently weak oil prices, said last month it would set up a new branch for gas, renewable energy and electricity.
The company already has a more than 57-percent stake in US solar panel and power station maker SunPower.
