Oil major Total's (TOTF.PA) $1.3 billion takeover of SunPower Corp (SPWRA.O) will help the U.S. solar panel maker double its market share over the next 18 months, SunPower Chief Executive Tom Werner said on Wednesday. Total brings the financial backing, geographical footprint and research and development expertise that will allow the fast-growing U.S. company to pursue an "aggressive" development strategy based on organic growth, Werner told Reuters.
SunPower Corporation (SunPower) is a vertically integrated solar products and services company that designs, manufactures and delivers solar electric systems worldwide for residential, commercial and utility-scale power plant customers. Shares of SPWRA fell by 15.63% or $-3.23/share to $17.44. In the past year, the shares have traded as low as $9.61 and as high as $22.60. On average, 3154380 shares of SPWRA exchange hands on a given day and today's volume is recorded at 4397770.
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