Rubis Energie SAS made a public offer to purchase the remaining 76.3% stake in KenolKobil Plc (NASE:KENO) from Petroholdings Limited, Aunali Fidahussein Rajabalfor, Sajjad Fidahussein Rajabali and others for KES 27.2 billion on October 23, 2018. Under the terms of the offer, Rubis Energie will pay KES 23 per share to acquire each KenolKobil share. The transaction will be financed by Rubis Energie's available cash and/or from existing credit facilities. Post-completion, KenolKobil will operate as a trading subsidiary of Rubis Energie and will be de-listed. Upon completion of the transfer of the shares, Rubis will hold shares representing 97.60% of the total issued share capital of KenolKobil. As of march 8, 2019, Rubis is launching the share transfer process. Rubis will apply the provisions of the laws of Kenya to compulsorily acquire the remaining shares of KenolKobil, which will be made at the offer price of KES 23 per share. The transaction is subject to the receipt of all regulatory approvals, including approval by the Competition Authority of Kenya, the COMESA Competition Authority, the Energy Regulatory Commission national and any other regional competition authorities and other regulators, approval of the Board of Directors of KenolKobil, approval by the shareholders of KenolKobil and the transaction having been received from KenolKobil's shareholders that would bring Rubis Energie's aggregate shareholding in KenolKobil to at least 50% +1 share. The transaction has been approved by the Board of Directors of KenolKobil and has recommended shareholders to accept the offer. As of December 7, 2018, the offer is approved by Competition Authority of Kenya and COMESA Competition Commission. As of January 10, 2019, the transaction is approved by Capital Markets Authority. The transaction also received approval from Competition Authority of Kenya and the COMESA Competition Commission. The Energy Regulatory Commission has also provided the consent for the transaction. The offer is expected to close by July 30, 2019. As of January 10, 2019, the offer will close on February 18, 2019. The offer results will be announced on March 12, 2019. The transaction would be immediately accretive. Standard Investment Bank Limited acted as financial advisor for KenolKobil. Rubis Energie SAS completed the acquisition of the remaining 76.3% stake in KenolKobil Plc (NASE:KENO) from Petroholdings Limited, Aunali Fidahussein Rajabalfor, Sajjad Fidahussein Rajabali and others on February 18, 2019. As per the result of the offer, Rubis Energie SAS has acquired 97.6% stake in KenolKobil. and will compulsorily acquire the remaining shares at the offer price of KES 23 per share. Rubis will initiate a process to obtain the requisite shareholder and regulatory approvals to delist KenolKobil's shares from the Nairobi Securities Exchange. As of March 8, 2019, all the conditions to the offer have been fulfilled and the offer has been declared unconditional. Amar Grewal-Thethy of Kaplan & Stratton Advocates acted as legal advisor to KenolKobil.