Kenya approve acquisition of control of Gulf Energy Holdings by KenolKobil
Christian Fernsby | ▼ April 27, 2020
the competition authority of kenya has approved the proposed acquisition of control of gulf energy holdings limited by kenolkobil plc, subject to various conditions.
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Topics: KENYA GULF ENERGY HOLDINGS KENOLKOBIL
KenolKobil Plc (KenolKobil), the acquirer, is a wholly-owned subsidiary of Rubis Energie SAS (Rubis), a French-based international firm.
KenolKobil is involved in the business of importing, storing, retailing, marketing and distributing refined automotive fuels, lubricants, liquefied petroleum gas and household fuels in Kenya, Uganda, Ethiopia, Zambia, Rwanda and Burundi.
Gulf Energy Holdings Limited (Gulf), the target, is a holding company incorporated in Kenya.
Gulf has several wholly-owned subsidiaries in Kenya.
Gulf is involved in the retail oil marketing, sale of petroleum products to commercial and industrial establishments, export and transit markets, and retail service operations, lubricants, Liquefied Petroleum Gas (LPG) and aviation fuels.
The proposed transaction involves the acquisition of the entire issued share capital of Gulf by KenolKobil.
The transaction therefore qualified as a merger within the meaning of section 2 and 41 of the Competition Act No.12 of 2010.
The parties’ combined and relevant turnover for the preceding year was over Sh1 billion.
The transaction therefore met the threshold for full merger analysis as provided in the Merger Threshold Guidelines.
The activities of the acquirer and the target overlap in the importation, storage and the retail of petroleum products.
Therefore, the relevant product markets for the proposed transaction are the markets for; importation of petroleum products; storage of petroleum products; retail markets for petroleum products; lubricants, LPG and petroleum fuels and market for jet fuel. ■ What to read next
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