Tesla offers $2.6 billion to buy sister firm SolarCity; both shares drop

August 1, 2016 2:05 PM

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SolarCity Corp (SCTY.O) agreed to be acquired by sister company Tesla Motors Inc (TSLA.O) in a deal worth $200 million less than the initial offer, sending shares of both companies down in early trading on Monday.

Electric vehicle maker Tesla expects to achieve "significant" cost savings and "dramatic improvements" in manufacturing efficiency as a result of the acquisition of solar panel installer SolarCity, Tesla Chief Executive Officer Elon Musk said on Monday.

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