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Kenya Exempts Old Mutual From Making Takeover Offer for UAP

Kenya Exempts Old Mutual From Making Takeover Offer for UAP

Kenya’s capital markets regulator exempted Old Mutual Holdings Ltd. from making a mandatory takeover offer for UAP Holdings Ltd. after it entered into an agreement to boost its stake in the latter, according to a newspaper statement.

“Old Mutual has at present no intention to acquire any more ordinary shares in UAP,” according to a statement published Friday in the Standard newspaper.

In August, Old Mutual notified UAP of its intention to acquire 12.7 million shares, or 6 percent of the issued share capital of the Nairobi-based company. Old Mutual Holdings already holds 78.9 million shares in UAP, while Old Mutual Life Assurance Co. owns 49.3 million shares, a combined stake of 60.67 percent.