August 8, 2019 / 11:31 AM / 4 months ago

Kenya's KCB's takeover of National Bank requires 75% acceptance -regulator

NAIROBI, Aug 8 (Reuters) - Kenyan lender KCB Group’s takeover offer of National Bank of Kenya will require acceptance by 75% of National’s shareholders, the Capital Markets Authority said on Thursday.

Parliament’s finance committee said in a report on Wednesday that the government, the main shareholder of National, should reject the offer, appearing to throw up a barrier to the transaction, which is set to close at the end of this month.

Reporting by Duncan Miriri; editing by Jason Neely

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