24/08/2016 Press release
Final Results Following the Reopening of the Public Tender Offer Initiated by Total on Saft
05 August 2016
Total will implement a squeeze-out on Saft Groupe shares
Paris - The Autorité des marchés financiers (the “AMF”) announced today that 1,649,317 Saft Groupe shares have been tendered following the reopening of the public tender launched by Total.
Following the settlement-delivery of the reopened offer expected to occur on August 9, 2016, Total will hold 97.12 percent of the share capital and voting rights of Saft Groupe based on the total number of shares outstanding as of August 3, 2016.
Following the successful completion of the public tender offer, Total will implement a squeeze-out of those Saft Groupe shares not tendered into the offer on August 12, 2016, as indicated in the notice published today by the AMF.
The squeeze-out will apply to all Saft Groupe shares not tendered into the offer (including during its reopening), i.e. 707,405 Saft Groupe shares representing 2.69 percent of the share capital and voting rights of Saft Groupe based on the total number of shares outstanding as of August 3, 2016, and taking into account the treasury shares held by Saft Groupe that will be excluded from the squeeze-out.
The amount of compensation paid under the squeeze-out will equal that of the price of the public tender offer, i.e. €36.50 per share.
“Our friendly tender offer for Saft ends with a genuine success!” said Patrick Pouyanné, Chairman and CEO of Total. “Having acquired quickly almost all of outstanding shares shows the confidence Saft shareholders have in our industrial project. The delisting will enable us to develop with Saft our strategy in the field of energy storage.”
Once Euroclear France closes the affiliates’ accounts, the custody account-keeping institutions will require BNP Paribas Securities Services to make payment of the compensation for the shares registered in their books which have not been tendered into the public tender offer, and will credit the accounts of Saft Groupe shareholders with the compensation payment due to them. BNP Paribas Securities Services has been appointed by Total to act as the custody account-keeper to centralize completion of these compensation transactions.
Compensation payments not requested by the custody account-keeping institutions on behalf of the beneficiaries will be kept by BNP Paribas Securities Services for a period of ten years after the squeeze-out and will be transferred to the Caisse des Dépôts et Consignations following the expiry of such period. Such compensation payments may be claimed at any time by their respective beneficiaries, subject to a thirty-year statute of limitations, after which such funds will become the property of the French State.
Saft Groupe’s shares will be delisted from Euronext Paris on August 12, 2016, after the closing of the markets, the date of implementation of the squeeze-out.
The tender offer document relating to the public tender offer is available on the websites of the AMF (amf-france.org) and of Total (total.com), and may also be obtained free of charge upon request from Total (La Défense 6, 2 place Jean Millier, 92400 Courbevoie) and BNP Paribas (16 boulevard des Italiens, 75009 Paris).
This press release was prepared and published in accordance with the provisions of Article 237-16 III of the AMF’s general regulations and its instruction no. 2006-07 relating to public tender offers.
Learn more by accessing the press release on total.com.