French oil firm Total to buy battery maker Saft
French oil company Total said on Monday it plans to make a bid for battery manufacturer Saft, extending its push into new energy technologies.
Following a signature of an agreement between the two companies, it has filed a friendly tender offer on all of the issued and outstanding shares of Saft with French market regulator AMF, Total said in a statement.
Total will offer €36.5 per Saft share, ex-dividend of 0.85 per share, valuing Saft's equity at €950m.
Total said the offer price represents a 38.3pc premium above Saft's closing share price of €26.4 on May 6.
Last month Total announced the creation of a gas, renewables and power division to help drive its ambition to become a top renewables and electricity trading player within 20 years.