17th Jan 2022 09:15
(Alliance News) - Vivo Energy PLC, which sells fuels and lubricants under Shell and Engen brands in 23 African countries, said on Monday the South African Reserve Bank had approved its takeover by largest shareholder Vitol Group.
Vitol, an energy and commodity trading company, has offered USD1.85 per share for Vivo Energy, in a deal valued at USD2.3 billion. The offer price includes planned dividends - a USD0.04 final dividend for 2021 and a USD0.02 special dividend for 2022.
Vitol was founded in Rotterdam, Netherlands, and has headquarters in Geneva, Switzerland. It has a 36% stake in Vivo.
Vivo has accepted and recommended the offer, which is expected to be concluded in the third quarter.
The potential takeover still requires shareholder approval.
Shares in Vivo remained unchanged at ZAR27.50 on Monday morning in Johannesburg. The stock was down 0.3% to 130.00 pence in London.
By Artwell Dlamini; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
VVO.L