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Oil Giants Pile Into “New Energies”

May 18, 2016

The last two weeks have seen two Big Oil firms move into energy storage as continuing low prices for crude force petroleum sector players to diversify.

On Monday 9 May French oil giant Total announced a friendly takeover of Saft Groupe, which specialises in batteries for the transport, industry and defence sectors.

The €950m purchase represents a 38.3% premium on Saft’s share price on the close of business the Friday before the announcement. It is also 41.9% above Saft’s weighted average share price over the previous six months, Total said.

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