Total Agrees to Acquire Direct Energie for EUR1.4 Billion
18 Avril 2018 - 09:01AM
Dow Jones News
By Marc Bisbal Arias
Total SA (FP.FR) said Wednesday that it has entered into an
agreement with Direct Energie (DIREN.FR) to acquire 74.33% of its
capital for about 1.4 billion euros ($1.73 billion) in cash.
The French oil-and-gas company said that it is offering EUR42 a
share for the stake. The offer represents a 30% premium compared
with Direct Energie's closing price on Tuesday of EUR32.24.
"Once this acquisition has been completed, Total will file with
the French Financial Market Authority a mandatory tender offer on
the securities of Direct Energie which are traded on Euronext Paris
at the same price per share," the company said.
The transaction, subject to regulatory approval, is expected to
close during the third quarter, and the proposed tender offer will
be filed immediately after its completion.
Direct Energie's board of directors unanimously approved the
transaction and said it will recommend its shareholders to tender
their shares into the offer that will be filed.
Total is pursuing the deal in order to accelerate its ambition
for gas and electricity in France and Belgium. Direct Energie
currently has a portfolio of 2.6 million clients and its
combination with Total will target over 6 million customers in
France and over 1 million customers in Belgium by 2022, the company
said.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
April 18, 2018 02:46 ET (06:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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