KenolKobil and Gulf Energy merger get cleared with conditions

KENYA – The Competition Authority of Kenya has conditionally approved KenolKobil’s takeover of Gulf Energy. The oil dealer bought in 2019 by French firm Rubis. Energie has been barred from declaring any Gulf Energy Holdings Limited employee redundant for 24-months, after the transaction. Rubis acquired KenolKobil at a cost of US$356m (KSh35.6 billion) in a new ownership structure that saw the firm delisted from the Nairobi Securities Exchange. “The Authority is of the view that the proposed transaction is likely to lead to redundancies,” CAK said in a statement. The…

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