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

Published on Tue, 06/21/2011 - 10:51
By FNNO Staff
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

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