French oil major Total will take control of Saft Groupe after a successful tender offer.
The company said the move comes following the settlement delivery of the offer which is expected to occur this month.
It means Total will hold 23,456,093 Saft Groupe shares representing 90.14% of the capital and voting rights of the company.
Patrick Pouyanne, chief executive of Total, said: “Total is pleased with the success of this tender offer. Our acquisition of more than 90% shares shows the confidence Saft shareholders have
in our industrial project enabling Saft to accelerate its development.”
The public tender off initiated by Total will be re-opened from July 19th to August 2nd this year in order to allow shareholders who have not yet disposed of their shares to do so under the
same terms.
Total confirms its intention to prioritize investment over dividend payout and will proceed with a delisting of the stock if a level of 95% of the capital and voting rights of Saft Group is reached.
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