French oil giant Total will tender its offer to buy a 60 percent share in SunPower, one of the largest U.S. solar photovoltaic manufacturers, next week. That offer has impacted the solar company’s stock price.

Total’s tender offer was announced April 28. The stock was trading at about $16 a share. Total’s offer of $23.25 for a 60 percent stake represented a 46 percent price increase.

Since the offer was made, SunPower stock prices have led steady between $20 and $21 a share, fluctuating slightly based on news and trends in the solar industry.

“I think the market has done the math,” said Adam Krop, senior analyst for Ardour Capital Invesments.

The current share price, which has held steady right around $21, represents the stock price prior to the tender offer plus 60 percent of the roughly $7 premium that Total is offering, Krop said.

“If it was a 100 percent acquisition, you’d see it closer to $23 a share,” Krop said.

When the announcement was made in late April, several strong solar stocks surged in the market, and speculators wondered if other oil companies might court renewable energy manufacturers.

“It’s certainly a watershed event for the solar space, having a big oil player come in and buy into solar,” Krop said.

It validates the long-term viability of solar, and more specifically, the vertically integrated model, like SunPower, that has a strong downstream presence, Krop said.

“It puts SunPower in a position where it can utilize a strong balance sheet to build out its pipeline,” he said.

The $1.4 billion tender offer was originally scheduled to go through on May 31, but it took longer for Total to register the deal with the European Exchange Commission than expected, a spokesman said. The deal is now scheduled to be finalized by June 14.

As of just a few days before the previous May 31 deadline, only a handful of shares had been promised by stockholders for the deal.

A Total spokesman said that wasn’t concerning. It’s common for U.S. shareholders to wait until the last day to tender their shares. If the oil company doesn’t get its full 60 percent the first time around, the Total spokesman said, the company will remain committed to its plan to acquire a controlling share in SunPower.