COMESA Endorses Acquisition of KenolKobil by Rubis énergie
The Common Market for Eastern and Southern Africa has endorsed the take over offfer of Kenolkobil by the french firm Rubis énergie
Competition Commission Board of Commissioners Chair Patrick Okilangole, the COMESA watchdog, said that the acquisition deal will not hamper competition in the region.
“The Committee for Initial Determination considered the merging parties post-merger combined market share are unlikely to raise significant competition concerns and will not materially alter the competitive structure of the relevant markets,” said Mr Okilangole.
In its proposal, Rubis énergie sought a take-over offer of 75.01 per cent of the issued ordinary shares of KenolKobil, after it had already acquired 24.99 per cent of the capital shares.
This will see Rubis énergie take full ownership of the company and the delisting of the company from the Nairobi Securities Exchange.
NSE chief executive Geoffrey Odundo welcomed the move saying that the bid and subsequent delisting shows the markets’ vibrancy which is an attractive feature for investors.
“I think the company is delisting for positive reasons such as change of strategy, change of business model and capital ownership. The Kenyan market is also very attractive to investors,” Odundo said.
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