Al Futtaim Group moves closer on takeover of Kenyan car retailer | The National

Al Futtaim Group moves closer on takeover of Kenyan car retailer | The National:

"Al Futtaim Group has cleared another hurdle to take over Kenya’s listed car retailer CMC Holdings as the Dubai-based conglomerate aims to tap into lucrative new African markets.

The offer to existing shareholders of CMC is now open, in what will be one of Kenya’s biggest foreign direct investment deals this year.

In September, Al Futtaim announced its intention to buy 100 per cent of the share capital of CMC at 13 Kenyan shillings per share. The acquisition will be made through its subsidiary Al Futtaim Auto & Machinery Company (Famco).

The takeover proposal has received the approval of 50.6 per cent of CMC shareholders, who have undertaken to sell their shares once the offer opened."

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