Tesla offers to buy SolarCity for US$2.8b
Elon Musk, chairman of SolarCity and CEO of Tesla, calls the proposed deal a "no brainer"
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Los Angeles
ELON Musk on Tuesday sought to build a clean-energy powerhouse as his electric car maker, Tesla Motors Inc, made an offer to buy his solar installation firm SolarCity Corp in a stock deal worth as much as US$2.8 billion.
Tesla shares plunged more than 13 per cent to US$189.99 in extended trading - amounting to a loss in value of about US$4.3 billion, or more than the value of the offer for the other company. Shares of SolarCity rose about 18 per cent to US$25.02.
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