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Total Completes Billion-Dollar Acquisition Of Saft

French oil major Total has announced the successful completion of its billion-dollar acquisition of leading battery designer Saft.

Total announced on its website on Monday that it now held 90.14% of Saft Groupe shares following the public tender offer initiated by Total on Saft Groupe. The public tender offer will be re-opened from July 19 to August 2, 2016, “in order to allow shareholders who have not yet disposed of their shares to do so under the same terms.”

“Total is pleased with the success of this tender offer,” said Patrick Pouyanné, Chairman and CEO of Total. “Our acquisition of more than 90% of the shares shows the confidence Saft shareholders have in our industrial project enabling Saft to accelerate its development.”

“Saft is delighted to join with Total, a major player in the energy sector, which will enable us to accelerate our development,” said Ghislain Lescuyer, CEO of Saft Groupe.

The move gives Total a significant push towards fulfilling its promise to become a top three player in the solar energy industry within the next 20 years. In April of this year, Total announced a restructuring it called “One Total.” According to the company’s press release, the new “Gas, Renewables & Power segment will spearhead Total’s ambitions in the electricity value chain by expanding in downstream gas, renewable energies and energy efficiency.” Patrick Pouyanné said at the time:

“We intend to implement a proactive strategy in gas markets to meet demand and identify new outlets for our production. The Group will also produce and sell power from renewable sources. Electricity will be the energy of the 21st century and the growth of gas and renewables is driving us to fully capture margins across the entire electricity value chain. We have several goals in this area over the next 20 years: to be one of the top three solar power players, to expand in electricity trading and energy storage, to become a leader in biofuels, especially biojet fuel, while also exploiting potential development opportunities in other renewable energies. Our ambition is to create a new business that will help make Total the responsible energy major.”

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