Following the settlement-delivery of the reopened offer Total will hold 97.12 percent of the share capital and voting rights of battery manufacturer Saft Groupe based on the total number of shares outstanding as of August 3, 2016.
Completion of the public tender offer
Following the successful completion of the public tender offer, Total will implement a squeeze-out of those Saft Groupe shares not tendered into the offer on August 12, 2016. The squeeze-out will apply to all Saft Groupe shares not tendered into the offer, i.e. 707,405 Saft Groupe shares representing 2.69 percent of the share capital and voting rights of Saft Groupe based on the total number of shares outstanding as of August 3, 2016, and taking into account the treasury shares held by Saft Groupe that will be excluded from the squeeze-out.
Delisting allows strategy for increased energy storage business
The amount of compensation paid under the squeeze-out will equal that of the price of the public tender offer, i.e. €36.50 per share. “Our friendly tender offer for Saft ends with a genuine success” said Patrick Pouyanné, Chairman and CEO of Total. “Having acquired quickly almost all of outstanding shares shows the confidence Saft shareholders have in our industrial project. The delisting will enable us to develop with Saft our strategy in the field of energy storage.”
Saft Groupe’s shares will be delisted from Euronext Paris on August 12, 2016, after the closing of the markets, the date of implementation of the squeeze-out. (HCN)
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