French oil and gas giant Total completed its 1.3 billion US dollars tender offer to buy a controlling 60% stake in SunPower, a California provider of solar power systems, the two companies announced Wednesday.
By combining the strengths of both groups, we have created a remarkable asset, Philippe Boisseau, president of Total's gas and power unit, said in a news release. SunPower will be the centrepiece of the solar activities of Total.
Total bought 30.2 million Class A shares of SunPower and 25.2 million Class B shares at $23.25 each. With the tender offer complete, SunPower's remaining shares lost value.
SunPower corporation founded in 1985 designs and manufactures high-efficiency crystalline silicon photovoltaic cells, roof tiles and solar panels based on a silicon all-back-contact solar cell invented at Stanford University. The annual turnover this year is expected to reach 2.8 billion US dollars.
Total is one of the world's major oil and gas groups, with activities in more than 130 countries and 93,000 employees. The group covers every part of the industry: exploration and production of oil and natural gas, refining and marketing, gas and power and trading. The Group is also a first rank player in chemicals.