Total (Paris, France) and Saft (Paris, France) on May 9th, 2016 announced that, following the signature of an agreement between the companies, Total filed a friendly tender offer on all of the issued and outstanding shares in the capital of Saft, a designer and manufacturer of advanced technology batteries and energy storage systems, with the French Financial Markets Authority (AMF).
The proposed offer will target all of Saft’s issued and outstanding shares at a price of EUR 36.50 per share, ex-dividend of EUR 0.85 per share, valuing Saft’s equity at EUR 950 million.
The offer price represents a 38.3% premium above Saft’s closing share price of EUR 26.40 on May 6th, 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 offer values Saft at nine times its 2015 reported EBITDA, which represents a significant control premium compared to recent valuation multiples in the battery industry.
Saft Supervisory Board approves the friendly takeover
The Supervisory Board of Saft has unanimously approved the friendly takeover by Total and considers the proposed transaction to be in line with the interests of the company, its shareholders and its employees.
As part of the reasoned opinion that it must issue in accordance with market regulations, the Supervisory Board has also announced its intention to recommend that its shareholders tender their shares.
The proposed offer is subject to review by the AMF, which will evaluate its compliance with applicable laws and regulations.
Total Chairman and CEO Pouyanné: “Saft to become the Group’s spearhead in electricity storage”
“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.”
Ghislain Lescuyer, Saft’s CEO, added: “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.”
source:http://www.solarserver.com
No comments:
Post a Comment