Total to buy up to 60% of SunPower

(ADPnews) - Apr 29, 2011 – French oil major Total (EPA:FP) has agreed to buy up to 60% of US photovoltaic (PV) equipment maker SunPower Corp (NASDAQ:SPWRA) for USD 23.25 per share, which values the target at USD 2.3 billion (EUR 1.5bn), the two companies said yesterday.

The offer price for SunPower's A and B stock represents a 46% premium over the closing price of the A shares on April 27 and a 49% premium to the close of the B shares.

In addition, Total will provide SunPower with up to USD 1 billion of credit support over the next five years.

SunPower and Total have also entered into a research and collaboration agreement under which the companies will focus on advancing PV technologies across multiple R&D projects.

The acquisition is pending approval by US and European regulators.

(USD 1.0 = EUR 0.676)

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