Total lengthens SunPower offer after regulatory delay

City A.M. Reporter
FRENCH oil company Total has extended its offer to buy up to 60 per cent of US solar company SunPower by two weeks after consultations with European regulators led to a delay.

The offer will now expire on 14 June, Total said yesterday, adding it has carried out a number of consultations with the European Commission before filing documents related to the takeover on Tuesday.

“Such a pre-filing consultation tends to make the decision-making process at the European Commission faster and easier and allow for an efficient process within the time allocated,” a spokesman said.

Total said in April it was offering $1.37bn (£616m) for a majority stake in SunPower, marking one of the biggest renewable energy moves by an oil and gas company.