KenolKobil’s Sh35.6 billion share-sale closes Monday setting the stage for a takeover by French company Rubis Energie.
Rubis' offer of Sh23 per share had by last Wednesday received 408.2 million share offers from shareholders equivalent to a 26.32 percent stake, which could raise Rubis’ total interest in the oil marketer so far to 776 million shares or a 50.04 percent equity.
If all the conditions set by the conglomerate are met, the deal will be concluded on March 11.
The Competition Authority of Kenya (CAK) approved the application by the French firm, which already holds 367.7 million shares or a 23.72 percent stake, saying the intended buyout will not negatively affect the competition.
" … it is notified for general information that the Competition Authority of Kenya has authorised the proposed transaction acquisition of control of KenolKobil Plc by Rubis Energie Sas," said CAK Director-General Wang’ombe Kariuki in the notice.
The French firm has hinted of proceeding with the sale if it clinches offers giving it a 50 percent plus one share aggregate ownership.
KenolKobil was closely associated with former Energy minister and Kanu supremo, the late Nicholas Biwott.