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.
City A.M. Reporter