NAIROBI (Reuters) - French fuel storage and distribution company Rubis SCA (RUBF.PA) has offered to buy Kenyan oil marketer KenolKobil Ltd (KENO.NR) to get a toehold in East Africa, the companies said on Wednesday. Rubis, which is active across Europe, Africa and the Caribbean, has purchased nearly a quarter of the shares of KenolKobil on the open market and wants to buy the remaining shares, the companies said in bourse filings. Rubis has offered to buy those shares for 23 shillings each, 53.4 percent above their weighted average closing price over the previous 30 days. That values all of KenolKobil at about 35 billion shillings ($347 million), according to the French firm. At 0730 GMT, KenolKobil shares were up 30.7 percent at 20 shillings. “It is a pretty decent offer,” said Eric Musau, a research analyst at Standard Investment Bank. Rubis said it had struck agreements with two shareholders, including long-serving KenolKobil CEO David Ohana, to buy shares … [Read more...] about French fuel firm Rubis offers to buy Kenya’s KenolKobil
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John Gallagher Detroit Free Press Published 4:16 PM EDT Sep 26, 2018 Does billionaire Dan Gilbert, founder and chairman of Quicken Loans, want to buy the Detroit Tigers from the Ilitch family? Various community leaders have told the Free Press that Gilbert is interested, some saying negotiations are underway. The Free Press sources, though, lack firsthand knowledge of such talks, and of course there's no guarantee any deal will emerge even if there have been discussions. Asked in person Tuesday if he is working to buy the Tigers, after an obscure sports website said he was, Gilbert didn't deny it. Leaving an appearance at Adcraft Detroit's Quicken Loans Day at the Mike Ilitch School of Business, Gilbert said only that his organization doesn't comment on speculation. Things that make the idea seem logical: Gilbert in 2004 came up short in a bid to buy the Milwaukee Brewers and is a baseball fan who grew up in metro Detroit. He's a pro sports owner … [Read more...] about Is Dan Gilbert trying to buy Detroit Tigers? What we know
SAN FRANCISCO (AP) — If you already subscribe to digital services like Netflix to binge on TV shows and Spotify to groove to an endless mix of music, the auto industry might have a deal for you: Subscribe to your next car as well. Make that cars, plural. Some of these packages — which charge a monthly fee for the bundled use of a car, insurance and maintenance — let you trade in your vehicle on a regular basis, sometimes almost as readily as you can skip to a new tune on Spotify. These still-developing car subscription programs are gaining traction among motorists who don’t want to be locked into the hassles of car ownership or even multiyear leasing commitments. All they want is a vehicle available whenever they want or need it. “It feels like Christmas morning every time they bring me a new car,” said Steve Barnes, a video producer who subscribes to a high-end vehicle subscription program offered through Clutch Technologies, a startup operating in … [Read more...] about Don’t want to buy or lease? Automakers offer subscription programs.
Three investors are looking to buy stakes in Uber in an offer that values the company at $62 billion. The ride-hailing giant said Wednesday the investors want to buy up to $600 million worth of the private company’s stock. They’re offering $40 per share, giving Uber a valuation that’s nearly 30 percent above the $48 billion set in a January stock sale. The announcement comes as Uber posted a $2.46 billion first-quarter net profit largely due to one-time gains from the sale of businesses in Southeast Asia and Russia. Without the gains, the company still lost money before taxes and depreciation, but the $304 million in red ink was half the amount from a year ago. Income statements released Wednesday show Uber’s gross bookings and revenue rose dramatically during the quarter. In a statement, Uber said that the Coatue Management LLC, Altimeter Capital and TPG investment firms have offered to buy $400 million to $600 million worth of Uber stock. The offer, to be … [Read more...] about Uber valued at about $62 billion in new offer to buy company stock
A lot of things are great about Formula One. A lot of things in Formula One are also absolutely garbage. F1's still (relatively) new owners, Liberty Media, want to change all that, by making it cheaper, louder, fairer, and hopefully more fun. Liberty laid out its ideas for the 2021 season in a meeting with all 10 teams in Bahrain this weekend for the race, it said in a press release. The biggest problem in Formula One has always been money. Someone has too much of it (usually Ferrari), somebody has too little of it (usually the vast majority of other teams), and unless you’re Toyota there was always a good chance you could just buy a championship. The whole system really doesn’t make any sense, especially the bit where Ferrari gets an extra $68,000,000 just because Ferrari, as WTF1 explains: The new ideas proposed by Liberty Media generally sound pretty Reasonable and Good towards fixing a lot of the weirdness, then, including returning cars to their formerly loud glory: … [Read more...] about Formula One Wants To Get Louder, Cheaper, Fairer