Advertisement
UK markets open in 6 hours 5 minutes

  • NIKKEI 225

    37,319.79
    -759.91 (-2.00%)
     

  • HANG SENG

    16,385.87
    +134.03 (+0.82%)
     

  • CRUDE OIL

    82.50
    -0.23 (-0.28%)
     

  • GOLD FUTURES

    2,392.30
    -5.70 (-0.24%)
     

  • DOW

    37,775.38
    +22.07 (+0.06%)
     

  • Bitcoin GBP

    50,713.74
    +1,272.89 (+2.57%)
     

  • CMC Crypto 200

    1,306.22
    +420.68 (+47.23%)
     

  • NASDAQ Composite

    15,601.50
    -81.87 (-0.52%)
     

  • UK FTSE All Share

    4,290.02
    +17.00 (+0.40%)
     
Money:

Best mortgage deals of the week

As possibility of multiple interest rate cuts dwindle here's what banks and building societies are offering

Tesla Offers £1.91bn To Buy SolarCity

(c) Sky News 2016

Tesla Motors (Xetra: A1CX3T - news) has made a bid to acquire SolarCity (Swiss: SCTY.SW - news) - a US company that designs, finances and installs solar power systems - in an attempt to boost its clean energy business.

The electric car maker's offer is estimated to be worth about $2.8bn (£1.91bn), sending the company’s shares soaring.

Shares (Berlin: DI6.BE - news) in Tesla dropped more than 13% in extended trading, while shares in SolarCity climbed 18%.

Tesla's chief executive, Elon Musk, described the deal as a "no brainer" and natural expansion for the business that alongside being a market leader in electric cars, has been selling batteries that can power homes since last year.

ADVERTISEMENT

"Instead of making three trips to a house to put in a car charger and solar panels and battery pack, you can integrate that in a single visit," he said.

The merger would build on an existing partnership between the two companies, under which SolarCity uses Tesla batteries as part of its solar projects, according to Tesla.

Mr Musk, who is also chairman of SolarCity and the largest shareholder of both companies, said the deal was an "obvious thing to do" to expand both companies’ markets (Other OTC: UBGXF - news) .