* Deal value higher than previously announced
* SunPower shares rise 7 percent in premarket trading
NEW YORK, June 21 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
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
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)