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French firm Rubis in takeover bid for KenolKobil

KenolKobil
KenolKobil’s board has proposed an interim dividend of Sh0.36 per share. FILE PHOTO | NMG 

French Oil firm Rubis Energie has made a takeover bid for listed oil marketer KenolKobil. #ticker:KENO

The French firm, which already owns 25 per cent of KenolKobil, said in a notice on Wednesday that it will pay Sh23 a share for the remaining 75 per cent stake, valuing the offer at Sh23.4 billion.

If successful, the takeover will result in the delisting of KenolKobil from the Nairobi Securities Exchange (NSE). #ticker:NSE

“The price payable for each offer share is Sh23. It represents a premium of 53.4 per cent to the volume weighted average price (VWAP) at which shares of KenolKobil traded on the Nairobi Securities Exchange for the past 30 trading days up to 22 October 2018,” said Rubis in a statement.

KenolKobil is linked to the late politician Nicholas Biwott, whose exact shareholding in the company was unclear since it was held largely in corporate and nominee entities.

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Rubis is itself listed on France’s Euronext Paris stock exchange, and operates in 12 African countries in the downstream market.

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