Oil major Total buys stake in Direct Energie amid low-carbon push
Paris — Oil company Total said on Wednesday it would buy a majority stake in French electricity retailer Direct Energie in a €1.4bn deal that beefed up its challenge to state-owned market leader EDF.The deal is part of Total’s strategy to grow its low-carbon energy assets to 20% of total assets by 2035 from 5% today and comes as other global oil and gas majors also shift to more renewable energy and electricity.Direct Energie shares surged 30.5% to 42.08 euros, while Total shares were up 1%."This friendly takeover is part of the group’s strategy to expand along the entire gas-electricity value chain and to develop low-carbon energies," CEO Patrick Pouyanne said.Shortly after being appointed CEO in 2014 Pouyanne said electricity would be the energy of the 21st century. Since then Total has bought upstart power vendor Lampiris, battery specialist Saft and renewable energy firm Eren, putting together a mini-electricity utility.With Direct Energie, Total has acquired the biggest indepen...
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