August 15 (SeeNews) – The shares of French battery maker Saft Groupe SA (EPA:SAFT) are no longer traded on the Euronext Paris stock exchange after oil and gas major Total (EPA:FP) proceed to squeeze out minority shareholders and delist it on August 12.
The friendly, EUR 950-million (USD 1.05bn) acquisition was announced in May.
Saft's battery offering will complement Total’s renewable energy portfolio with electricity storage solutions which, it says, is an important part of the future growth of the renewable energy industry.
“Our friendly tender offer for Saft ends with a genuine success!” said Patrick Pouyanne, 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.”
At the end of July Saft posted a revenue of EUR 367.8 million for the first half of 2016, slightly down the EUR 370.8 million booked for the first six months in 2015.
Restated with non-recurring items related to the takeover bid for an amount of EUR 7.9 million earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of 2016 amounted to EUR 52.6 million, representing an EBITDA margin
of 14.3%, compared with EBITDA of EUR 57.5 million or 15.5% of revenue in the first half of 2015.
(EUR 1 = USD 1.100)
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