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 said. 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.
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 remained unchanged at $16.39. In the past year, the shares have traded as low as $9.61 and as high as $22.60. On average, 2864060 shares of SPWRA exchange hands on a given day and today's volume is recorded at 52335.
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