28 Apr '11, 8pm

Total To Take Controlling Interest in SunPower: Total, mostly known for its oil and gas operations, announced

Total, mostly known for its oil and gas operations, announced that it will try to buy a controlling interest in SunPower, the maker of high efficiency solar modules. Under terms of the deal, Total will, through a subsidiary, launch a tender offer to buy up to 60 percent of SunPower's Class A shares and 60 percent of the Class B shares for $23.25 a share. It represents a 46 percent premium over the current price of SunPower's A shares as of April 27 and a 49 percent premium over the B shares. Total will also issue $1 billion in credit to SunPower. If all goes well and the transaction goes through, SunPower will continue to operate under its current management. In all, it will cost Total around $2.3 billion. The deal likely answers one of the most-asked questions in the solar industry: what happens to SunPower? The company produces some of the most efficient solar panels on ...

Full article: http://www.greentechmedia.com/articles/read/total-to-take...

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