Total completes acquiring 73 pc stake in Direct Energie

Total completes acquiring 73 pc stake in Direct Energie

4:41 AM, 7th July 2018
Total logo

PARIS, FRANCE: Total SA has completed the acquisition of 73.04 percent share capital of Direct Energie, for €42 euros per share, representing approximately €1.4 billion.

Ledouble, appointed by Direct Energie’s board of directors as independent expert, confirmed that the price offered represents fair financial value for Direct Energie’s minority shareholders including for the squeeze out procedure that Total intends to request if the required conditions are met.

“The board of directors unanimously recommends to Direct Energie’s shareholders to tender their shares. This operation is indeed extremely positive for Direct Energie, its teams and clients,” said Xavier Caitucoli, chairman and CEO of Direct Energie.

“This operation allows us to accelerate our integration downstream along the full gas and power value chain and to reach critical mass in the French and Belgium markets where we are growing fast”, declared Patrick Pouyanne, chairman and CEO of Total.

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