COMPANYNEWS Total picks up SunPower


FRENCH ENERGY GIANT Total has added to its growing solar portfolio with the announcement that it has acquired SunPower Corp in an all-cash tender.


“This marks a new stride-forward for Total in the solar power industry,” said Philippe Boisseau, president, Total Gas & Power. “To ensure the long-term viability of solar energy, the marketplace requires global integrated industrial players that are financially stable and committed to advancing cutting-edge technology. By combining the strengths of both groups, we have created a remarkable asset: SunPower will be the centrepiece of the solar activities of Total.”


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“Total’s transformational investment in SunPower significantly strengthens our company, accelerates our success in a broader marketplace and enhances our R&D efforts, which are known for producing world record-breaking efficiency technology,” said Tom Werner, SunPower president and CEO. “By combining our complementary strengths, SunPower and Total will change the way the world is powered.”


Total has accepted for payment 30,220,701 shares of Class A common stock and 25,220,000 shares of Class B common stock at a purchase price of $23.25 per share for a total cost of approximately $1.3 billion.


Adjustments will have to be made after


the expiration of the guaranteed delivery period on June 17, 2011.


Based on the


preliminary count by Computershare Trust Company, N.A., the depositary for the offer, 30,220,701 shares (approximately 52.2 percent) of Class A common stock and 31,208,640 shares


(approximately 74.2 percent) of Class B common stock were validly tendered and not properly withdrawn. In addition, 16,964,440 shares of Class A common stock and 16,690,665 shares (approximately 39.7 percent) of Class B common stock were tendered pursuant to guaranteed delivery procedures, which permit shares to be delivered by the holder to the depositary by the expiration of the guaranteed delivery period on June 17, 2011. The tender offer expired at 12:00 midnight, New York City time, on Tuesday, June 14, 2011.


Accordingly, Total has accepted for payment 30,220,701 shares of Class A common stock and 25,220,000 shares of Class B common stock at a purchase price of $23.25 per share for a total cost of approximately $1.3 billion. If the actual number of shares of Class A common stock validly tendered and not withdrawn after the expiration of the guaranteed


Saint Gobain increase PV capacity


SAINT-GOBAIN Performance Plastics has completed the expansion of its new extrusion facility. The investment more than doubles Saint-Gobain’s fluoropolymer (ETFE and FEP) and ethylene vinyl acetate (EVA) film


manufacturing capability to produce films for PV products.


The company is now capable of extruding fluoropolymer film, such as LightSwitch ETFE for the photovoltaic (PV) market, at widths up to 80 inches (two meters) with


a range of thickness from .0005” (12.5 µm) to .016” (400 µm). The installation of cutting-edge extrusion equipment allows Saint- Gobain to meet demand for fluoropolymer film products for the Solar and PV, architectural and composite markets.


“The completion of this expansion project allows Saint-Gobain Performance Plastics to expand capacity of high-performance thin-film fluoropolymer materials for strategic growth markets that we’ve supported for many years,” says Dave


Williams, General Manager, Films Business Unit, Saint-Gobain Performance Plastics. “Saint-Gobain has made this investment to better serve our customers, supporting their growth, as well as our own,” Williams continued.


As part of the expansion, Saint-Gobain has also added capacity for C-treatment, a proprietary surface treatment for fluoropolymers, and a specialized line to produce its patent-pending LightSwitch Complete product.


In addition the investment has created jobs at the extrusion facility, providing a boost to the local economy.


delivery period exceeds 34,144,400, then Total intends to exercise its right to purchase additional shares at a price of $23.25 per share, up to a maximum of 60 percent of the shares of SunPower’s Class A common stock outstanding at the close of business on June 13, 2011.


The tender with respect to SunPower’s Class B common stock is subject to proration, as more than 60 percent of SunPower’s Class B common stock was tendered. The tender with respect to SunPower’s Class A common stock will be subject to proration only if the actual number of shares of Class A common stock validly tendered and not withdrawn after the expiration of the guaranteed delivery period exceeds 60 percent of SunPower’s Class A common stock at the close of business on June 13, 2011.


www.solar-pv-management.com Issue VI 2011


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