KenolKobil Ltd., a Kenyan fuel retailer with operations in nine African countries, said it ended talks on Puma Energy BV’s planned acquisition of a controlling stake.
Negotiations have been “terminated,” the Nairobi-based company said in an e-mailed statement today, without giving a reason. KenolKobil will pursue “strategic alternatives” to support its growth strategy across central, eastern and southern Africa. The discussions were ended by mutual agreement, Puma said in a separate statement.
KenolKobil began talks with Puma, the Geneva-based downstream and storage unit of Trafigura Beheer BV, in May and the company’s “key” shareholders signed an agreement to sell their majority stake. Puma said it would offer to buy 100 percent of the company after due diligence and regulatory approval.
KenolKobil’s shares climbed as much as 36 percent after the talks were announced on May to a record 16.95 shillings on July 3. The stock fell as much as 3.7 percent today before closing unchanged at 13.5 shillings.
No one answered the phone at KenolKobil’s head office when Bloomberg called Managing Director Jacob Segman for comment.