Total and SunPower Corp. announced the success of Totals all-cash tender on SunPower to create a new global leader in the solar industry.
"Today marks a new stride-forward for Total in the solar power industry," said Philippe Boisseau, President, Total Gas & Power. "To ensure the long-term viability of solar energy, the marketplace requires global integrated industrial players that are financially stable and committed to advancing cutting-edge technology. By combining the strengths of both groups, we have created a remarkable asset: SunPower will be the centrepiece of the solar activities of Total."
"Totals transformational investment in SunPower significantly strengthens our company, accelerates our success in a broader marketplace and enhances our R&D efforts, which are known for producing world record-breaking efficiency technology," said Tom Werner, SunPower President and CEO. "By combining our complementary strengths, SunPower and Total will change the way the world is powered."
Total has accepted for payment 30,220,701 shares of Class A common stock and 25,220,000 shares of Class B common stock at a purchase price of US$23.25 per share for a total cost of approximately US$1.3 billion. Adjustments will have to be made after the expiration of the guaranteed delivery period on June 17, 2011.
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