French oil company Total (TOT - Get Report) announced today that it will acquire Saft in an all share deal. Total filed a "friendly" tender for all outstanding shares of Saft, a French high-performance battery maker.
Total will pay €36.50 ($41.61) a share, 38.3% above the closing share price of €26.40, valuing the equity at €950 million.
Saft's supervisory board unanimously approved the takeover, which it described as friendly. A statement said that the board considered the proposed transaction to be in line with interests of the company.
Chairman and CEO of Total Patrick Pouyanné said the acquisition will accelerate the oil company's development in the fields of renewable energy and electricity.
Total began its foray into this area with the acquisition of solar energy company SunPower in 2011.