SunPower's stock rallies after plan to separately into 2 publicly traded companies [MarketWatch]
SunPower Corporation (SPWR)
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Source: MarketWatch
SunPower's stock rallies after plan to separately into 2 publicly traded companies Shares of SunPower Corp. SPWR, +13.20% surged 5.1% in premarket trading Monday, after the solar power company, which is owned by France-based oil company Total S.A. TOT, -0.64% , announced plans to separate into two independent publicly traded companies. After the separation, SunPower will focus on solar systems and storage and energy services, while Maxeon Solar Technologies will be headquartered in Singapore and will focus on bringing its solar panel technology to high-volume scale. As part of the separation, China-based Tianjin Zhonghuan Semiconductor Co. Ltd. 002129, -1.25% will make a $298 million equity investment in Maxeon for a 28.85% stake in Maxeon post-separation. SunPower's stock has tumbled 41.5% over the past three months, while the S&P 500 SPX, -0.47% has gained 6.0%.
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