22 June 2016/Categories: CILT, Industry News
US electric carmaker Tesla has offered to buy solar panel company SolarCity in a bid to expand its clean energy business. The company has made an all-stock deal worth as much as $2.8bn (£1.9bn). Tesla shares fell 10% in extended trading after the announcement while SolarCity jumped 23%. California-based Tesla is known as a pioneer in electric cars but since last year has also been selling batteries that can power homes and businesses. Tesla chief executive Elon Musk described the deal as a "no brainer". He said it would transform Tesla into the "world's only vertically integrated energy company offering end-to-end clean energy products", from solar panels and home storage batteries to electric vehicles.
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