Total to launch a squeeze-out procedure on Direct Energie

/ Financial News / Monday, 24 September 2018 08:31

Total has announced its intention to launch a squeeze-out procedure on Direct Energie shares after having secured more than 95% of the capital. The oil and gas group announced in April that it would buy Direct Energie, the main alternative energy supplier in France, allowing it to become a corner stone in the electricity industry.

After having acquired a first block of 73% of the capital, Total had launched a takeover bid, allowing it to secure 95.37% of the capital and at least 95.33% of the voting rights.

“Once the settlement-delivery transactions of the shares of the tendered offer are finalized, Total intends to request the implementation of the squeeze-out procedure,” the group confirms in a statement. Total will thus ensure that it owns 100% of the capital.

All the steps to reacquire Direct Energie are done at the same price of 42 euros per share.

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