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