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CAK gives nod to KenolKobil takeover by French firm

A Kenon Kobil fuelling station in Nairobi. FILE
A Kenon Kobil fuelling station in Nairobi. FILE PHOTO | NMG 

The Competition Authority of Kenya (CAK) has approved the acquisition of a controlling stake of Nairobi Securities Exchange-listed oil marketer KenolKobil by French company Rubis Energie.

The CAK, in a Gazette notice on Friday, gave the go-ahead for the transaction indicating the acquisition 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 board of the oil marketer KenolKobil had earlier endorsed the proposed takeover.

Shareholders have until February 18 to accept or reject the offer.

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The French firm already owns a 25 per cent stake in KenolKobil.

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