French oil firm Total bets on renewable energy with near €1bn bid for battery maker Saft

French oil giant Total is buying high-tech battery maker Saft for €950m (£749m) as it seeks to expand its electricity and renewable energy business. The offer values Saft’s shares at €36.50 apiece, a 38pc premium to the company’s share price on Friday, before the acquisition was made public. Total, which like other oil majors has been battling with persistently weak oil prices, said last month it would set up a new branch for gas, renewable energy and electricity. The company already has…

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French oil firm Total bets on renewable energy with near €1bn bid for battery maker Saft

French oil giant Total is buying high-tech battery maker Saft for €950m (£749m) as it seeks to expand its electricity and renewable energy business. The offer values Saft’s shares at €36.50 apiece, a 38pc premium to the company’s share price on Friday, before the acquisition was made public. Total, which like other oil majors has been battling with persistently weak oil prices, said last month it would set up a new branch for gas, renewable energy and electricity. The company already has…

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