France-based oil company Total is taking over international battery maker Saft. To the barricades! A Gallic conspiracy to buy up battery makers and buttress Big Bad Oil?
Probably not. Saft builds a wide range of batteries for transportation (including stop-start technology), backup power, space and defense applications, but to the best of our knowledge, doesn’t supply cells for any of the EVs in current headlines.
Saft will be Total’s “spearhead in electricity storage,” said Total CEO Patrick Pouyanné. “The acquisition of Saft is part of Total’s ambition to accelerate its development in the fields of renewable energy and electricity, initiated in 2011 with the acquisition of SunPower. It will complement our portfolio with electricity storage solutions, a key component of the future growth of renewable energy.”
The proposed offer values Saft’s equity at €950 million ($1.1 billion). The Supervisory Board of Saft has unanimously approved the friendly takeover, and will recommend that shareholders tender their shares.
“I am convinced that Total will provide Saft with the required expertise and resources needed for its future development, particularly in terms of technological and commercial capabilities,” said Ghislain Lescuyer, Saft’s CEO. “This transaction will benefit Saft’s clients and employees, who will be joining a major player in the energy space.”