Energy giant Total is to become the majority shareholder of French battery specialist Saft.
Total will hold just over 90 per cent of Saft, which is the world’s leading manufacturer of industrial nickel batteries and primary lithium batteries.
The Paris-headquartered group employees 4100 staff in 19 countries. Its chief executive Ghislain Lescuyer said: “Saft is delighted to join with Total, a major player in the energy sector, which will enable us to accelerate our development.”
Total chairman Patrick Pouyanné said: “Total is pleased with the success of this tender offer. Our acquisition of more than 90 per cent of the shares shows the confidence Saft shareholders have in our industrial project enabling Saft to accelerate its development.”