Total acquire French battery maker Saft in €950 mn deal

Total to acquire French battery maker Saft in €950 mn deal

11:02 AM, 9th May 2016
Total to acquire French battery maker Saft in €950 mn deal
Patrick Pouyanne, chairman and CEO of Total. (File photo)

PARIS, FRANCE: Total SA has signed an agreement to acquire all the outstanding shares of French battery maker, Saft Groupe SA in a deal valued at €950 million ($1.082 billion).

Following the signature of an agreement between the two companies, Total has filed a friendly tender offer on Saft shares with French Financial Markets Authority (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.

The offer price represents a 38.3 percent premium above Saft’s closing share price of €26.40, a premium of 41.9 percent above the volume weighted average share price over the past six months and a premium of 24.2 percent above the volume weighted average share price over the past year. The offer values the company at nine times its 2015 reported EBITDA, which represents a significant control premium compared to recent valuation multiples in the battery industry.

“The combination of Saft and Total will enable Saft to become the group’s spearhead in electricity storage. It's renowned technological know-how and unique expertise has 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 enable Saft to successfully accelerate its development," said Patrick Pouyanne, chairman and CEO of Total.

"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," said Ghislain Lescuyer, CEO of Saft.

Finexsi acted as a financial advisor for Saft.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Ube, Mitsubishi Rayon, JSR to merge ABS subsidiaries

TOKYO, JAPAN: Ube Industries Ltd, Mitsubishi Rayon Co Ltd, and JSR Corporation have reached an agreement to merge their respective subsidiaries in the ...

Read more
Westlake awards scholarships to 50 college students of employees

HOUSTON, US: Westlake Chemical Corporation said that they recently notified 50 college-bound students of employees that they are recipients of a Westl ...

Read more
Evonik appoints new deputy chairman of the executive board

ESSEN, GERMANY: Evonik Industries AG has appointed Christian Kullmann (47), as deputy chairman of the executive board with immediate effect. Kullmann ...

Read more
PPG opens new coatings centre in US

OAK CREEK, US: PPG Industries has opened a $3 million state-of-the-art liquid coatings application development center at its Oak Creek, Wisconsin, pla ...

Read more
Ineos to sell polystyrene business for €80 million

ROLLE, SWITZERLAND: Ineos Enterprises has reached an agreement, to sell Ineos Styrenics, its expandable polystyrene business to Synthos SA for €8 ...

Read more
Valmet, Biochemtex collaborate to develop lignin derived biochemicals

UUSIKAUPUNKI, FINLAND: Valmet Corporation and Biochemtex SpA said that they will cooperate in the field of conversion of lignin into biochemicals. The ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X