Total has offered to buy French battery maker Saft for $1.08bn in a bid to accelerate its development in renewable energy and electricity.

According to the offer filed with French Financial Markets Authority (Autorité des Marchés Financiers (AMF)), Total has proposed to acquire Saft’s issued and outstanding shares at a price of €36.50 per share. This represents a 38.3% premium above Saft’s closing price of €26.40 on 6 May.

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Total’s takeover has been unanimously approved by the Saft’s supervisory board, which considers the proposed transaction to be in line with the interests of the company, its shareholders, and its employees.

Total chairman and CEO Patrick Pouyanné said: "The combination of Saft and Total will enable Saft to become the Group’s spearhead in electricity storage.

"Total has proposed to acquire Saft’s issued and outstanding shares at a price of €36.50 per share."

"The acquisition of Saft is part of Total’s ambition to accelerate its development in the fields of renewable energy and electricity, initiated in 2011 with the acquisition of SunPower. Saft’s renowned technological know-how and unique expertise have allowed it to develop innovative and competitive solutions for its clients.

"It will notably allow us to complement our portfolio with electricity storage solutions, a key component of the future growth of renewable energy."

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Finexsi has been appointed to serve as an independent expert. The transaction is subject to review by the AMF, which will evaluate its compliance with applicable laws and regulations.

The supervisory board has also announced its intention to recommend its shareholders tender their shares.