UPDATE 1-SunPower, Total deal closes for $1.4 bln
* Deal value higher than previously announced
* SunPower shares rise 7 percent in premarket trading
NEW YORK, June 21 (Reuters) - French oil giant Total SA (TOTF.PA) has closed on the purchase of a 60 percent stake in U.S. solar panel maker SunPower Corp SPWRA.O for $1.4 billion, Sunpower said on Tuesday.
The final price was slightly above the $1.3 billion figure previously tagged to the deal because of a higher number of shares that were accepted under the tender offer, SunPower said.
SunPower CEO Tom Werner has said the deal will give the company greater financial power and a broader geographical footprint to expand its business.
Solar companies are facing sharply declining prices for their solar panels this year as manufacturers increase output even as subsidies in many of the key European markets shrink.
In a statement, SunPower said 34,756,682 shares of its Class A common stock and 25,220,000 shares of Class B common stock had been purchased by Total at a price of $23.25 per share.
The companies had previously said 30,220,701 shares of Class A stock had been sold.
SunPower's Class A shares rose nearly 7 percent to $17.50 per share in premarket trading.
(Reporting by Matt Daily, editing by Dave Zimmerman)
- Israel rejects ceasefire plan, source says as death toll nears 850 |
- Bad weather seen as probable cause of Air Algerie crash
- First Ebola victim in Sierra Leone capital on the run
- White House aide says Republicans might try for Obama impeachment
- EU edges to economic sanctions on Russia but narrows scope |