Total acquires more Saft shares with re-opened tender, will de-list battery company in August
Written By: Stratton Report
August 5, 2016
On August 5, Total announced that France’s Autorité des marchés financiers had reported that 1,649,317 Saft Groupe shares have been tendered following the reopening of the public tender launched by Total.
By August 9, 2016, Total expects to hold 97.12 percent of the share capital and voting rights of Saft Groupe.
Following the successful completion of the public tender offer, Total will implement a squeeze-out of those Saft Groupe shares not tendered into the offer on August 12, 2016, as indicated in the notice published by the AMF.
The amount of compensation paid under the squeeze-out will equal that of the price of the public tender offer, i.e. €36.50 per share.
Patrick Pouyanné, Chairman and CEO of Total remarked:
“Our friendly tender offer for Saft ends with a genuine success! Having acquired quickly almost all of outstanding shares shows the confidence Saft shareholders have in our industrial project. The delisting will enable us to develop with Saft our strategy in the field of energy storage.”
Saft Groupe’s shares will be delisted from Euronext Paris on August 12, 2016, after the closing of the markets, the date of implementation of the squeeze-out.