May 3, 2011 / 10:17 PM / 9 years ago

SunPower deal has $42.5 million break-up fee

NEW YORK (Reuters) - SunPower Corp might have to pay a $42.5 million break-up fee if it accepts a bid superior to French oil company Total SA’s offer for a majority stake in the solar company.

Total offered to pay $1.37 billion last week for up to 60 percent of SunPower.

In addition to the break-up fee, SunPower could also be on the hook for up to $2.5 million in out-of-pocket fees and expenses incurred by Total, SunPower said in a filing with the U.S. Securities and Exchange Commission on Tuesday.

SunPower could avoid the fee if Total agrees in writing to reject the payment, SunPower added.

Reporting by Michael Erman; editing by Andre Grenon

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