France: Total Closes Acquisition Of 73.04% of Direct Energie

France: Total Closes Acquisition Of 73.04% of Direct Energie

Total has concluded the acquisition of 73.04% of the share capital of Direct Energie, for 42 euros per share, representing around 1.4 billion euros.

Subsequent to the satisfaction of all conditions precedent referred to in the agreements executed on April 17, 2018 with Direct Energie’s main shareholders, this acquisition was followed by Total’s filing of a mandatory tender offer for the shares in Direct Energie which are not yet held by Total, at the same price of 42 euros per share. Remaining subject to review by the AMF, this proposed offer will assess its compliance with applicable laws and regulations.

Appointed by Direct Energie’s board of directors as independent expert, Ledouble confirmed that the price offered represents fair financial value for Direct Energie’s minority shareholders including for the squeeze out procedure that Total intends to request if the required conditions are met.

Xavier Caïtucoli, Chairman and CEO of Direct Énergie, said, “The Board of Directors unanimously recommends to Direct Energie’s shareholders to tender their shares. This operation is indeed extremely positive for Direct Energie, its teams and clients.”

“This operation allows us to accelerate our integration downstream along the full fuel and power value chain and to reach critical mass in the French and Belgium markets where we are growing fast”, said Patrick Pouyanné, Chairman and CEO of Total.

In order to take the new shareholding structure into account, the composition of Direct Énergie’s board of directors has been modified. PWKD10072018

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