Total extends offer for SunPower by till 14 June
26 May 2011
French energy major Total on Wednesday announced an extension of the period of its $1.4 billion offer to buy up to 60 per cent of SunPower Corp of the US by two weeks.
The offer, which values SunPower at $2.3 billion, will now expire on 14 June.
Total said it had notified the European Commission of the proposed merger in a filing on Tuesday and that the EC must review the proposal, Total said it has carried out a number of consultations with the European Commission before filing documents related to the takeover.
"Such a pre-filing consultation tends to make the decision-making process at the European Commission faster and easier and allow for an efficient process within the time allocated," a Total spokesman said.
Total had, in April, offered $1.37 billion for a majority stake in SunPower.
The company had, on Monday announced the receipt of tender offer for 1.1 per cent of SunPower's Class A common stock, and 0.7 per cent of its Class B stock.
While the acceptance rate for the Total offer has been low, the spokesman said, the percentage reported was not significant since most shareholders wait until the final days to tender their shares.
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