Citi Gives A Quick Take On Sunpower Tender Offer

Citi comments on Sunpower Corp.(SPWR) possible takeover of Total Citi reports, " SPWR announced that Total (TOTF.PA; €43.01; 3M), a French integrated oil and gas company with a $49B mkt cap, has launched a friendly tender offer to acquire up to 60% of Class A and B shares for $23.25 each (~50% premium). Total will also provide SPWRA with up to $1B in credit support over 5 years" Shares of Sunpower (SPWR) closed at 16.12 in trading yesterday.