KenolKobil has inched closer to being delisted from the Nairobi Securities Exchange (NSE) following the decision by the Capital Markets Authority (CMA) to approve a takeover proposal from Rubis Energie SAS.
The French company has proposed to buy out KenolKobil at 23 shillings per share, which is a 53.4 per cent premium to the average price over the 30 trading days preceding the issuance of the notice of intention to take-over.
Last October, Rubis Energie SAS, which owns 25 per cent stake in KenolKobil, issued a notice of intention to purchase the remaining 75 percent shares in the listed oil marketer in a takeover bid.
Rubis Energie values KenolKobil at slightly over 35 billion shillings and is willing to pay 23 shillings per share, representing a 53.4 per cent premium on the volume weighted average price at which KenolKobil shares traded over the 30 trading days preceding the issuance of the notice of intention to take-over.
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The takeover bid was however subject to regulatory approvals. The French company has in a statement announced that it has secured the green light from the Capital Markets Authority to take over KenolKobil.
In a statement Rubis Energie SAS adds: “The cash offer has also been approved by the Competition Authority of Kenya and the COMESA Competition Commission.”
Under the notice of intention to take-over the listed oil marketer, Rubis Energie SAS have KenolKobil shareholders until 18th of next month to accept or reject the offer. Rubis Énergie SAS is confident that the cash offer will be accepted by KenolKobil shareholders and that the cash offer will complete successfully.
The firm notes: “The Board of Directors of KenolKobil Plc, after receiving an independent financial advisor’s report on the cash offer, has considered the offer.”
In October last year Rubis purchased 25 percent of KenolKobil shares from Wells Petroleum at 15.30 per share. KenolKobil would be delisted from the Nairobi Securities Exchange if the takeover bid from Rubis is successful.
Rubis currently has operations in France, Morocco, Senegal, Madagascar, Switzerland, Bermuda and Jamaica.