Total Expands Low-Carb Footprint in France

Total has increased its share in French retailer and generator Direct Energie to at least 95.37%.

Following its €1.4bn ($1.73bn) acquisition of an initial 73.04% stake completed July 6, the French oil major said its public tender for remaining Direct Energie shares -at the same share price - had now increased its stake to 95.37% (with at least 95.33% of voting rights) and that it will seek a ‘squeeze-out’ to now acquire the remaining shares.

Total said that its existing Gas, Renewables & Power business, together with Direct Energie which markets in France and Belgium, would enable it to accelerate its strategy of integration along the gas-electricity value chain in Europe and to develop low carbon energies, in line with its ambition to become the responsible energy major.

In that context Total also announced September 20 that it had completed the acquisition of G2mobility, a French provider of electric vehicle charging solutions active since 2009 with almost 10,000 charging points, and that it now wholly owns the company.

“Following the acquisitions of PitPoint in Europe in 2017 and of 25% of Clean Energy in the US this year, which has allowed us to accelerate in natural gas fuel for vehicles, the G2mobility transaction is a pivotal step in improving our electric vehicle charging offering,” said Total’s marketing and services president Momar Nguer. Total also said it signed a partnership agreement with Nexans, the French cable manufacturer that was among those to have divested their G2mobility stakes, which provides access to the latter’s production capacity and industrial know-how.