Total moves into electric batteries with EUR 950m Saft acquisition

Oil and gas conglomerate Total announced a “friendly” offer for fellow French firm Saft this week, in a bid to expand its interests in sustainable energy and electricity.

The €36.50 per share offer, valuing the high-tech battery maker at €950m, has already been unanimously agreed by Saft’s board.

Total and Saft agreed the offer price represented a premium of more than 38% above its closing share price of €26.40 on Friday, or 42% above its volume-weighted average share price over the past six months.

“Saft’s renowned technological know-how and unique expertise have allowed it to develop innovative and competitive solutions for its clients,” said Total chairman and chief executive Patrick Pouyanné.

“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,” he explained.

Saft chairman Yann Duchesne said he was “delighted”.