Total Completes Tender Offer With SunPower, 60% Stake Acquired for $1.4 Billion

Published on Tue, 06/21/2011 - 10:51
By FNNO Staff in General Interest, SPWRA, TOT, business, comtex, income, investment, market, news, shares, smartrend, spwra, stocks, tot, trade, update, News Update
business, comtex, income, investment, market, news, shares, smartrend, spwra, stocks, tot, trade, update

Total S.A. (NYSE:TOT) and SunPower Corp (NASDAQ:SPWRA) announced today the final results of Total's all-cash tender offer for shares of SunPower and confirmed the success of the transaction.

Total now owns 60% of both SunPower's Class A and Class B common stock, the companies said in the announcement.

Total has accepted for payment an aggregate of about 34.7 million shares of Class A stock, and 25.2 million shares of class B stock, at a purchase price of $23.25 per share, for a total cost of approximately $1.4 billion.

The tender offer, announced in April, has been noted as being fairly odd, as the stock never traded at the offering price of $23.25 per share.

SunPower's shares will continue to trade on the Nasdaq exchange under the symbols "SPWRA" and "SPWRB."

By FNNO Staff
fnnonline@gmail.com

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