(Bloomberg) -- 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.
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