Total shares rise as it takes majority stake in energy retailer Direct Energie
The move to buy Direct Energie aligns with Total's goal in the electricity supply field to secure more than 6 million customers in France and over 1 million clients in Belgium by 2022.
Commenting on the latest deal, Patrick Pouyanné, chairman and CEO of Total, said: "Through this transaction, Total is actively pursuing its development in electricity and gas generation and distribution in France and Belgium".
The total acquisition price is calculated at about Euro 1.4 billion.
Total will deepen its footprint in renewables with the €1.4bn ($1.73bn) acquisition of Direct Energie, a French energy group that boasts a 2.5GW clean power portfolio alongside its gas operations. The deal values Direct Energie at about 12.5 times projected 2018 earnings, Total said. Last year, Total agreed to buy liquefied natural gas assets from Engie, and took a minority stake in France's Eren Renewable Energy.
The deal is part of Total's strategy to grow its low-carbon energy assets to 20% of total assets by 2035 from 5% today and comes as other global oil and gas majors also shift to more renewable energy and electricity.
Anglo-Dutch competitor Shell has also ventured into electricity supply, snapping up the UK's First Utility Ltd.in December, while Italian oil giant Eni has entered France's gas and power retail market.
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Total will pay the controlling shareholders of Direct Energie €1.4bn for 74.33% of its capital.
Direct Energie's board of directors unanimously approved Total's plan to acquire almost 75 percent of the.
Total - which first entered the French retail power market in 2016 with the Lampiris acquisition - has 1.5-million French electricity clients and will add 2.6-million more with the deal. The offer represents a 30% premium above the closing share price on 17 April. It will not be affected by the Total-Direct Energie transaction and will continue to be "totally independent".
Xavier Caïtucoli, chairman and CEO of Direct Energie, said: "The Direct Energie teams will be at the heart of the strategy of one of the greatest French companies".
Moreover, Direct Energie has a 400MW gas-fired power plant under construction and a 2GW pipeline of renewable electricity projects in France, which will complement Total's own 900MW of installed power capacity.
Total said between the three it "aims to have a global capacity of at least 10 GW of installed capacity within five years, either in the form of gas-fired power plants or in the form of renewable electricity capacities".
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