French oil firm Total Acquiring Battery Maker Saft for €950 million to Expand Renewable Energy Business


Total, the French oil giant, is acquiring the high-tech battery maker Saft for €950 million (£749 million). It is seeking to expand its electricity and renewable energy businesses. This values Saft’s shares at €36.50 per share. Like other oil major companies that are battling continuous low oil prices, Total is also facing major losses but it is setting up new branches for gas, renewable energy and electricity. Total already has more than 57% stake in SunPower, the US-based solar panel and power station maker. This acquisition of Saft is Total’s goal to accelerate its development in the field of renewable energy and electricity, as it designs and manufactures nickel and lithium batteries for industries such as transportation and civil and military electronics. Saft has operations across 19 countries and employs about 4,100 staff.

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