Rubis Said to Weigh Combination With Trafigura’s Puma Fuel Unit

2]hi9kdcadq)msnq[2mtp(d0_media_dl_1.png BloombergArticle content(Bloomberg) — French fuel distributor Rubis SCA is exploring a potential combination with Trafigura Group’s fuel retail business Puma Energy as it seeks to expand its geographical reach, people with knowledge of the matter said.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentRubis is considering acquiring Puma Energy in a cash and share deal, said the people who asked not to be identified discussing private information. Puma Energy, which distributes fuels, lubricants and bitumen in Central America and Sub-Saharan Africa, could be valued as much as €2.5 billion ($2.9 billion) in a deal, some of the people said.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentDeliberations are ongoing and the companies could decide against any deal, the people said. Representatives for Trafigura and Rubis declined to comment.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentAcquiring Puma would increase Rubis’s geographical reach beyond Europe, Africa and the Caribbean. Trafigura, meanwhile, would get a partial exit from a business that was consistently loss making for years until a recent turnaround.Article contentRubis said last September that it was exploring options with various industrial and financial firms, after Bloomberg reported that CVC Capital Partners Plc and Trafigura were among potential bidders for the French fuel distributor. The talks started after the entry of new shareholders in the first quarter of 2024, according to Rubis.Article contentAfter French billionaire Vincent Bollore and French entrepreneur Patrick Molis disclosed stakes in Rubis two years ago, the company has been under pressure from Molis and businessman Ronald Sämann — two of the group’s largest shareholders — to reconsider investments in solar power, boost the company’s valuation, and change its governance.Article contentArticle contentWhile Rubis general partners Jacques Riou, Gilles Gobin, and his daughter Clarisse Gobin-Swiecznik own just over 2% of the company’s shares, they have broad sway over the firm due to its status as a partnership limited by shares, known in French as société en commandite par actions.Article contentTo keep investors on side, Rubis’ policies now require the supervisory board to be consulted first on major or strategic transactions. Gobin and Riou, the company’s founders, also announced they will step down from the management board in 2027. Article contentThe general partners may abandon the limited partnership status of Rubis as part of the deal with Trafigura, some of the people familiar with the matter said. In exchange, they would receive a bigger stake in the company, one of the people said.Article content—With assistance from Archie Hunter and Shiyin Chen.Article contentTrending Bank of Canada's Macklem says he has spoken to Fed chair about risks from Anthropic's Mythos AI model Banking IMF sees Canada's fiscal position as strongest in G7 Economy 'The impacts are massive': U.S. tariff change pushes Canadian manufacturers to the brink Economy Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy Posthaste: Why Canadians might be doomed to suffer a 'new normal' for oil prices News Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Bank of Canada's Macklem says he has spoken to Fed chair about risks from Anthropic's Mythos AI model Banking IMF sees Canada's fiscal position as strongest in G7 Economy 'The impacts are massive': U.S. tariff change pushes Canadian manufacturers to the brink Economy Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy Posthaste: Why Canadians might be doomed to suffer a 'new normal' for oil prices News