Industrial gas producer BOC Kenya has promised to continue pursuing its ambition to take over rival Carbacid Investment, despite calls by investors that it withdraws the bid.
The takeover of Carbacid by BOC Kenya has been on the cards for the past 27 months, shackled by the capital markets regulator’s refusal to endorse the deal.
A report from www.bdafrica.com suggests that BOC Kenya is resolute in its attempts to takeover its market rival, as the long-running proposition develops into something of a saga.
Regulator the Capital Markets Authority, maintains that BOC Kenya failed to deliver on all the promises it had made in an offer to Carbacid shareholders.
The negotiations led to the suspension in December 2005 of the two listed gas manufacturers from trading at the Nairobi Stock Exchange (NSE).