Vivo Energy PLC - London-based fuels and lubricants seller under Shell and Engen brands in 23 African countries - Says the takeover of the group by its largest shareholder Vitol Group has become effective after a court delivered the order to the Registrar of Companies for England & Wales.
Vivo shares will be cancelled on London Stock Exchange on Tuesday and are expected to be cancelled on Johannesburg Stock Exchange on Friday.
On July 8, Vivo declared a special dividend of USD0.02 following the acquisition. Vitol had offered USD1.85 per share for Vivo, in a deal valued at USD2.3 billion. It already held a 36% stake in Vivo.
However, on Monday, Vivo said "under the terms of the scheme, holders of Vivo shares are entitled to receive USD1.79 for each Vivo Share held at the scheme record time," noting that the record time was last Friday.
Current stock price in London: 150.00 pence
12-month change: up 42%
Current stock price in Johannesburg: ZAR31.00
12-month change: up 45%
By Tom Budszus; tombudszus@alliancenews.com
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