Total and Saft announced have that 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 (Autorité des Marchés Financiers (AMF)).
The proposed offer will target all of Saft’s issued and outstanding shares at a price of €36.50 per share, ex-dividend of €0.85 per share, valuing Saft’s equity at €950 million.
The offer price represents a 38.3% premium above Saft’s closing share price of €26.40 on 6 May 2016, a premium of 41.9% above the volume weighted average share price over the past six months and a premium of 24.2% above the volume weighted average share price over the past year.
The Supervisory Board of Saft has unanimously approved the friendly takeover by Total.
The Supervisory Board of Saft has decided to appoint Finexsi as an independent expert.
The proposed offer is subject to review by the AMF, which will evaluate its compliance with applicable laws and regulations.
“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."
"We are delighted with this rapprochement, which was unanimously approved by the Supervisory Board thanks to its strong industrial rationale and its financial interest for our shareholders," said Yann Duchesne, Chairman of Saft's Supervisory Board.
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."
Edited from press release by Angharad Lock
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