October 24, 2018 / 7:10 AM / 23 days ago

Kenya's Kenolkobil shares soar after takeover offer from French firm Rubis

NAIROBI (Reuters) - Shares of Kenyan fuel marketer KenolKobil (KENO.NR) jumped 30 percent early on Wednesday after a takeover offer from French firm Rubis (RUBF.PA) was made public, Refinitiv data showed.

Market participants said the move was driven by arbitrage as investors sought to capitalize on a 53.4 percent premium on the prevailing share price offered by Rubis.

Reporting by Duncan Miriri; Editing by Maggie Fick

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