San Jose - French oil producer Total SA completed its $1.3-billion takeover of solar power company SunPower, boosting the oil giant's renewable-energy presence.
Total said Wednesday it closed the deal, buying a 60-percent share of SunPower shares with an all-cash tender.
“Today marks a new stride forward for Total in the solar power industry,” Total Gas & Power President Philippe Boisseau said in a statement.
SunPower CEO Tom Werner said the sale will help SunPower expand by boosting its market access and research and development program. SunPower designs and delivers solar electricity systems for businesses and homes.
US-traded shares of Total fell $2.09, or nearly 4 percent, to $53.31 amid a broader market decline. - Sapa-AP