Rubis Énergie SAS’ may only manage a majority stake in KenolKobil as opposed to a takeover if shares bought so far is anything to go by. Capital Markets Authority, flagged suspicious trading in KenolKobil shares moments after Rubis announced its takeover plans. A cash offer to purchase all the issued shares of KenolKobil by Rubis at Sh 23 per share closed last evening. If at the close of the offer Rubis Énergie owns more than 75 per cent of the issued share capital, then, KenolKobil would be delisted. In July 2018, efforts by American miller Seaboard Corporation to delist Unga Group via takeover offer failed.

Source: The Star February 18, 2019 19:52 UTC