Without giving specific reasons, KenolKobil Chairman and Managing Director Jacob Segman said the process will not continue, and that there were no hopes for future talks.
He said the directors of the company will now have to pursue alternative support for KenolKobil’s growth strategy.
“The directors of KenolKobil Limited whose shares are traded on the Nairobi Securities Exchange (NSE) wish to advice the general public, shareholders and other stakeholders that they have been informed by the Key Shareholders’ Financial Adviser, Kestrel Capital Limited, that the negotiations with Puma Energy regarding a potential acquisition of control shareholding in the company, have been terminated,” Segman said in a statement.
The Swiss firm Puma Energy had kicked off its bid for a 100 percent takeover of KenolKobil with a declaration that it intended to offer minority shareholders the option of selling their shares through a mandatory general offer.
Through the offer, the minority shareholders were to sell shares at the same price as majority shareholders to pave the way for the full takeover.
“The shareholders of KenolKobil, as well as the general public, are advised to exercise caution when dealing in the shares of the company in light of this announcement,” the MD had warned then.
Puma Energy which is operating in a number of countries in Sub Saharan Africa is a subsidiary of Trafigura, the third largest petroleum trading company in the world which has interests in oil, coal and shipping among others.