Rubis Energie has finalized a takeover of 97% of Kenol Kobil's outstanding shares, completing a tender offer that saw 1,145,757,700 shares—equivalent to 96.85% of unowned stakes—accepted by investors. The French energy firm reported 3.1% of shares remained unsold, triggering plans to invoke Competition Authority of Kenya (CAK) merger regulations to acquire the remaining stake.
The company confirmed all regulatory clearances were obtained to proceed with the transaction, which valued Kenol Kobil shares at KSh23 each. Rubis Energie initiated share transfers and payments to accepting shareholders, with officials stating the process is underway for all approved bids.
Following the partial acquisition, Rubis Energie plans to apply for mandatory delisting of Kenol Kobil from the Nairobi Securities Exchange. The move would make the Kenyan oil and gas distributor a wholly owned subsidiary of the French firm, subject to final regulatory approvals for the full takeover.
