29 Apr '11, 6pm

Holy crap: giant oil company buys giant solar company

What's Exxon going to do with this years' record-breaking profits ? If you said "buy a 60 percent stake in America's largest solar panel manufacturing company," you have wildly underestimated the degree to which its CEO would find that profoundly emasculating. Cheese-eating surrender-monkeys have no such qualms, however, which is why French oil giant Total just dropped $1.38 billion on SunPower, a "stalwart U.S. solar manufacturer in Silicon Valley ." This isn't the first time a foreign company captured a large swath of the assets of a U.S. renewable energy firm. As Todd Woody reports , it happens all the time: European energy conglomerates have been on the prowl for U.S. acquisitions to expand their portfolios of renewable energy companies. French nuclear giant Areva last year acquired Ausra, a Silicon Valley solar thermal power plant maker, while Japan’s Sharp bought Rec...

Full article: http://www.grist.org/list/2011-04-29-holy-crap-giant-oil-...

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