Tesla offers $2.8 billion for SolarCity in 'no brainer' deal for Musk

June 22, 2016 12:20 AM

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LOS ANGELES/DETROIT Elon Musk on Tuesday sought to build a clean energy powerhouse as his electric car maker, Tesla Motors Inc (TSLA.O), made an offer to buy his solar installation firm SolarCity Corp (SCTY.O) in a stock deal worth as much as $2.8 billion.

Tesla shares plunged more than 13 percent to $189.99 in extended trading - amounting to a loss in value of about $4.3 billion, or more than the value of the offer for the other company. Shares of SolarCity rose about 18 percent to $25.02.

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